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 34: 7% Bond

24 months to mature 7% interest

OOLU Solar Issue 34: 7% Bond

£250,000
Raised

162
Investors

0
Hour to run

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invested £178 invested

Approximately every £178 invested can enable OOLU Solar to provide a Solar Home System to a family previously off the grid in Senegal.

households 1400 families

Your investment will help OOLU to provide clean energy to 1400 families in Senegal.

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 84,800 solar home systems to families in Senegal, Mali, Burkina Faso, Niger, Nigeria and Cameroon.

About OOLU

  • Sold more than 84,800 systems since incorporation
  • OOLU Sarl was incorporated in Senegal in 2015
  • Offices in Senegal, Mali, Nigeria, Niger and Burkina Faso
  • Employ 321 people across the countries they operate in
  • Generated revenue of $775k in the first half of 2022
  • Winner of the Hogan Lovells Solar Innovation Award in 2017
  • Raised $8.5 million in series B round funding led by RP Global and included participation from Persistent Energy Capital and Gaia Impact Fund
  • Oolu Burkina Faso has signed a EUR 2.5m agreement with the Beyond the Grid Fund for Africa (BGFA) to support the scale-up of high-quality solar home systems for people living in rural areas of Burkina Faso.
  • Key product information

    Issuer: OOLU SARL

    Issuing Country: Senegal

    Investment target: £250,000 

    Minimum investment: £50

    Maximum investment: No maximum

    Maturity: 24 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

    Financial instrument: Unsecured interest bearing bond

    Security: Unsecured


    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, particularly in section 5 – Risk Analysis Overview.

    Documents

    What the project investment will enable

    OOLU will use the funds from this raise to deploy and install 1400 entry level Pico Solar Home Systems for families across Senegal.


    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 Pico 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.


    An overwhelming majority of customers report that the purchase of a Solar Home System led to improvements in their quality of life: 97% of customers in West Africa. Three key areas of quality of life improvement are safety, health and education. In West Africa, 98% report feeling safer, 91% report children have more time for homework and 86% report perceiving health improvements.*


    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.


    * GOGLA 2020 report: "Powering Opportunity - Energising Work, Enterprise and Quality of Life with Off-Grid Solar"

    OOLU SARL

    OOLU will deploy 1400 Pico Solar Home Systems throughout Senegal where approximately 52.6% of individuals living in rural areas do not have access to electricity*.


    Not only will your investment into this OOLU offer allow them to provide off-grid families with renewably sourced electricity, but you'll also be helping the company to grow and provide further employment opportunities.


    * World Bank Development Indicators data

    Social and environmental impact

    Solar Home Systems & lanterns have been shown to have a significant impact on customers' lives and the environment. OOLU SARL has sold over 84,800 SHS in Senegal, Mali, Burkina Faso, Niger, Nigeria, and Cameroon, impacting the lives of roughly 594,000 people.

    Social Impact

    Social Impact

    Social Impact statistics taken from GOGLA's May 2020 report 'Powering Opportunity: Energising Work, Enterprise and Quality of Life with Off-Grid Solar'

    86%

    of solar home system customers in West Africa perceive health improvements in their households

    98%

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

    91%

    of West African households with light from a solar home system reported that their children now have more time in which to do their homework

    Environmental Impact

    Environmental impact

    Using metrics and data from Global Off-Grid Lighting Association (GOGLA), OOLU has calculated the environmental impact of installing 1400 Solar Home Systems as follows:

    9,800

    Number of people who will enjoy clean energy access

    71%

    Reduction in customers using a diesel generator as a main source of light

    1.1tonnes

    Annual total greenhouse gas emissions offset per household

    • pdf

      Offer Documents

      OOLU Solar Issue 34: Offer Document (Log In to download)

     

    Frequently Asked Questions