Capital is at risk and returns are not guaranteed. These are fixed-term bonds and are not readily realisable. Investments are not covered by the Financial Services Compensation Scheme (FSCS). Learn more.

Oolu Solar Issue 24: Senegal And Mali- 7% Bond

30 months to mature 7% interest

OOLU Solar Issue 24: Senegal and Mali- 7% Bond

£315,000
Raised

259
Investors

0
Hour to run

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invested £130 invested

Approximately every £130 invested can enable OOLU Solar to provide a Solar Home System to a family previously off the grid in Senegal or Mali.

households 2,400 families

Your investment will help OOLU to provide clean energy to 2,400 families in Senegal and Mali.

OOLU SARL is a company incorporated in 2015 in Senegal and is one of the fastest growing off-grid solar companies in West Africa. "Oolu" means trust in Wolof, the local language most commonly spoken in Senegal, and so corresponds with OOLU's goal to provide quality products and after sales service that communities and customers can trust. Since their incorporation they have installed over 66,100 solar home systems to families in Senegal, Mali, Burkina Faso and Niger and continue to expanded their operations in these countries in 2021.


About OOLU

  • Sold more than 66,100 systems since incorporation
  • OOLU Sarl was incorporated in Senegal in 2015
  • Offices in Senegal, Mali, Nigeria, Niger and Burkina Faso
  • Employ 374 people across the countries they operate in
  • Generated revenue of $2.3 million in 2019
  • Winner of the Hogan Lovells Solar Innovation Award in 2017
  • Recently raised $8.5 million in series B round funding led by RP Global and included participation from Persistent Energy Capital and Gaia Impact Fund
  • Key product information

    Issuer: OOLU SARL

    Issuing Country: Senegal

    Investment target: £315,000 

    Minimum investment: £50

    Maximum investment: No maximum

    Maturity: 30 months

    Expected interest rate: 7% per annum

    Withholding tax rate: 10% (applicable to UK residents who do not invest within an IF ISA)

    Interest payment frequency: 6 monthly

    Notional repayment: 6 monthly (from 12 months onwards)*

    Financial instrument: Unsecured interest bearing bond

    Security: Unsecured


    *For the first 12 months after the Issue Date, a "Grace Period" applies during which no capital repayments occur. During this Grace Period, the Issuer will make Interest Payments on the Interest Payment Dates. For the avoidance of doubt, after the Grace Period, the capital repayments are semi-annual and in equal instalments. Please refer to the amortization schedule found on Page 29 of the offer document.

    Key risks

    This is a bond issued by a single company (rather than a savings product) and therefore it is recommended that you are careful with the amount you invest.


    You must read the investment memorandum (provided below) where a full statement of risks is presented.

    Documents

    What the project investment will enable

    OOLU will use the funds from this raise to deploy and install 2,400 Solar Home Systems across Senegal and Mali


    OOLU distribute solar products from selected and reliable suppliers who are Lighting Global Certified. OOLU's current suppliers are Amped Innovation and Greenlight Planet. The entry-level solar home system comes with a 5-10W PV panel, 20-40Wh LiFePO4 battery, 3-4 high efficiency LED lights and 1-2 USB charging ports. Their second system is a larger modular system that includes a 40W (up to 120W) PV panel, 100Wh (up to 180Wh) LiFePO4 battery, 6 high efficiencies LED lights, 2 USB charging ports and a TV.


    Providing families and individuals with access to a TV has multiple impact benefits. Firstly, keeping up to-date with local news and weather forecasts is important to them to better understand any developments that may impact them. Secondly, educational content on TV is typically very accessible for both children and adults, who are able to learn useful topics, such as farming techniques, through engaging story-telling. Furthermore, research has shown that TV shows often inspire viewers to reach higher, driving them to study and work harder. Finally, it provides an opportunity for families and friends to gather around and strengthen important social ties.


    OOLU's payment plans allow customers between 18-24 months to pay back their systems and their flexible nature allows customers to extend this period should they encounter payment difficulties.

    OOLU SARL

    OOLU will deploy 2,400 Solar Home Systems throughout Senegal and Mali where approximately 40% and 75%  of individuals respectively, do not have access to electricity.


    Not only will your investment into this OOLU offer allow them to make 2,400 Solar Home Systems available to off-grid families, but you'll also be helping the company to grow and provide further employment opportunities. For 2021, OOLU plan to expand throughout West and Central Africa which will allow micro-entrepreneurs to develop rural businesses and gain new sources of revenue.

    Social and environmental impact

    SHS & lanterns have been shown to have a significant impact on customers' lives and the environment. OOLU SARL has sold over 66,100 SHS in Senegal ,Mali, Burkina Faso and Niger impacting the lives of roughly 330,500 people.

    Social Impact

    Social Impact

    Social Impact statistics taken from GOGLA's July 2018 study 'Powering Opportunity: The Economic Impact of Off-Grid Solar'

    91%

    of solar light users who previously used kerosene lamps experienced an improvement in their health

    91%

    of customers purchasing a solar lantern or home system reported feeling safer since buying or using their product

    84%

    of households with children report that they now have more time with which to do their homework

    Environmental Impact

    Environmental impact

    Using industry-recognised Global Off-Grid Lighting Association (GOGLA) impact metrics, OOLU has calculated the environmental impact of installing 2,400 Solar Home Systems as follows:

    12,000

    Number of people who will enjoy clean energy access

    $195

    Average new household saving on energy-related expenditure over solar product lifetime

    1.1tonnes

    Annual total greenhouse gas emissions offset per household

    • pdf

      Offer Documents

      OOLU SARL Issue 24- Offer Document (Log In to download)

     

    Frequently Asked Questions