For every £75 invested into this campaign, Simusolar will be able to purchase and supply a solar fishing light system to a Tanzanian fisherman.
Your investment will help Simusolar provide 2,000 solar fishing light systems.
Founded in 2014, Simusolar provides and finances accessible, affordable and energy-efficient systems designed for smallholder farmers and fishermen in Sub-Saharan Africa. The solar systems they provide are designed to meet the needs of rural smallholders and to help enable them to achieve their vision in an affordable and sustainable way. Since their incorporation, Simusolar have installed over 4,500 solar systems from home systems, to solar fishing lights and water pumps with plans to expand to a further 64,000 units over the next 5 years.
This project benefits from match funding from UK aid. UK aid has provided an up-front match of £37,500, meaning that for every £3 invested into this project by the crowd an additional £1 will be invested through match funding.
Key product information
Issuer: Simusolar Inc.
Issuing Country: USA
Investment target: £150,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 18 months
Expected interest rate: 7% per annum
Witholding tax rate: 30% (Applicable when investing outside of the IFISA. It is possible for UK tax residents investing outside of the IFISA to reduce this withholding tax rate to 0% through completion of a W-8 BEN-E form. Investors are responsible for informing themselves as to their individual tax status. The W-8 BEN-E form will be sent to investors by Simusolar once the offer is funded.)
Interest payment frequency: 6 monthly
Notional repayment: 6 monthly
Financial instrument: Unsecured interest bearing bond
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.
See what Simusolar do
Simusolar are one of the pioneering solar companies supported by the Energise Africa initiative, a joint venture between Lendahand and Ethex
What the project investment will enable
The funds from this raise will be used for the purchase of 2,000 solar fishing light systems.
Simusolar's Catch Fishing Lamps are manufactured by Omnivoltaic and are Lighting Global Certified. Each system contains a 13W solar PV, lithium battery, waterproof LED light and charging slot for mobile phones.
Fishing is the third most important export industry in Tanzania, and its lakes and oceans are a major hub for night fishing, with up to 100,000 fishers many of whom use kerosene lamps. The costs of maintaining these lamps is high with between 35-50% of fisher's take home pay being used to pay for lighting equipment and fuel. Kerosene also contributes high levels of greenhouse gases which can be harmful to both fishermen and the environment. Each solar fishing lamp is specifically designed for night fishing and is able to run for 14 hours straight when fully charged allowing for a constant source of light throughout the night with which to attract fish.
The money raised from this campaign will go toward supplying 2,000 solar fishing light systems to Tanzanian fishermen. The funding will support the sale of equipment in areas around Lake Victoria in Mwanza, Mara, Muleba, Ukerewe and Kagera.
Having already successfully installed over 4,500 systems since their incorporation, Simusolar is aiming to deploy a further 64,000 solar systems of varying size within 5 years to benefit farmers, fishermen and households across Tanzania.
Social and environmental impact
Solar fishing light systems have been shown to have a significant impact on fishers' lives and the environment. Solar fishing systems produce fewer pollutants and greenhouse gases compared to other fuel-based systems whilst also reducing costs which would have otherwishe been incurred from purchasing these fuels.
Social impact statistics taken from a business impact report conducted by Acumen was produced to look at how Simusolar's solar products have improved and impacted their customer's lives.
of fishing light customers said that they saved money and increased their overall income.
of respondents felt that their quality of life had improved with the addition of their Simusolar product.
of home system customers mentioned the convenience of having bright and continuous light at home.