SolarWorks! Trading B.V. Issue 7: 6% Bond
£75,000 | 59 | 0 |
£90 invested
SolarWorks! offers households in Mozambique a range of Solar Home Systems (SHS) to meet their needs. With investment of £90 SolarWorks! Trading B.V. will be able to source and distribute a SHS, which a family can pay off over a 2-3 year period.
833 families
Your investment will help SolarWorks! to provide clean energy to 833 families in Mozambique
SolarWorks! Trading B.V. is a wholly owned subsidiary of SolarWorks! B.V., who has been operational across South Africa and Mozambique for the last 8 years and has an expert knowledge of the needs of local families in these markets. They have sold close to 7,000 units in Mozambique and are looking to expand across more regions of Mozambique and deliver a further 10,000 units to off-grid families in the next 12 months.
About SolarWorks! B.V.
Use of Funds
SolarWorks’ first project was funded on Energise Africa in December 2017, and since then the company has tripled sales, now selling around 1,200 solar home systems per month. The Company is building track record and has been able to demonstrate performance is in line with projections.
SolarWorks is in the final stages of raising capital from a new debt and equity investor, which is expected to be disbursed by the end of Q3 2018. This is demonstrating the company’s ability to raise additional capital, crucial for solar home system (SHS) businesses selling their products on 2-3 year customer payment terms. In light of these developments our credit committee has approved this tranche of financing to SolarWorks, which is in addition to their agreed credit of £625,000.
The additional capital to be raised in this tranche of funding will be used as short term bridging finance and will be used to secure SHS inventory for Q4. There is a 3 month lead time from order placement (paid upfront) until the units are produced and shipped. If SolarWorks’ sales continue on the same track and as projected, the company would run out of stock in October if a new order is not placed in August.
Key product information
Issuer: SolarWorks! Trading B.V.
Country of Issue: Netherlands
Investment target: £75,000
Minimum investment: £50
Maximum investment: No maximum
Maturity: 6 months
Expected interest rate: 6% per annum
Witholding tax rate: 0%
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.
Documents
What the project investment will enable
SolarWorks! has ambitious growth targets to provide off-grid Solar Home Systems (SHS) to 10,000 families in Mozambique by the end of 2018. SolarWorks! B.V. (the parent entity owning 100% of SolarWorks Trading B.V.) has attracted equity capital in the past year to scale its operations, but they come to Energise Africa in search of additional working capital to help turn these plans into a reality.
The funds raised in this round will be used to purchase up to 833 SHS kits of varying size for immediate deployment across the Matola & Manhica regions of Mozambique. The majority of these will be OmniVoltaic 40Wh DC systems, which consist of a solar panel, lithium battery, 3 lights, & 2 USB sockets (useful for charging mobile phones and other personal devices). A smaller number of SolarWorks!'s own larger 100Wh, 200Wh & 400Wh systems will also be shipped, which can cater to families with growing energy needs and are completely modular meaning that appliances such as TVs and fridges can also be run off the systems. The systems are all Lighting Global certified.
Every £90 invested into this campaign will allow SolarWorks! Trading B.V. to make one of the 40Wh OmniVoltaic systems available to a family living without grid electricity in Mozambique that would otherwise be out of their financial reach. The systems are made available on a PAYGO (pay-as-you-go) basis and families can choose whether to repay the system over a 24, 30 or 36 month period, after which they own the system outright and can continue to enjoy the benefits of the clean energy produced free of charge.
SolarWorks! Trading B.V.
The money raised from this campaign will be used by SolarWorks! to help them expand their SHS business across the regions of Matola and Manhica of the Maputo province in southern Mozambique.
Not only will your investment into this SolarWorks! Trading B.V. offer allow them to make 833 Solar Home Systems available to off-grid families, but you'll also be helping the company to grow and provide employment opportunities. The majority of SolarWorks! employees are local people, and employment provides an income for those families that, often for the first time, allows them to send their children to school and lift themselves out of poverty.
Social and environmental impact
SHS & lanterns have been shown to have a significant impact on customers' lives and the environment. SolarWorks! B.V. has sold close to 7,000 systems & lanterns in Mozambique, and has impacted the lives of around 35,000 people.
Social Impact
Social Impact statistics based on GOGLA's most recent statistics for 21-49Wp systems from their 2016 'Global Off-Grid Solar Market Report'
610%
change in available hours of light, per household
2087%
change in available light output, per household
4.2
number of Status Quo lighting sources made redundant by the installation of 1 system
Environmental impact
Using industry-recognised SolarAid impact metrics, SolarWorks! has calculated the environmental impact of installing 833 Solar Home Systems as follows:
4,165
Number of people who will enjoy clean energy access
60%
respondents to a Power Africa survey reported reduced energy spend and kerosene use as the most appreciated benefit of SHS
1.1tonnes
Annual total CO2 emissions offset per household
Offer Documents
SolarWorks! Trading B.V. Issue 7 Offer Document (Log In to download)