sunfunder - financing solar beyond the grid · sunfunder total portfolio fy12-to date $3.8m total...
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SunFunder - Financing Solar Beyond the GridAudrey Desiderato (Co-Founder/ COO)
October 28, 2015
SOLAR =An Enormous Market Opportunity
2.5billionNO / BAD ELECTRICITY
600millionNO PHONE CHARGING
TechnologiesBusiness ModelsFINANCE
Unlocking New Sources of Capital
DISTRIBUTORS PREPAID SOLAR MICRO-GRID COMPANIES
C&I SUPPLIERS
ANGELINVESTORS /
HNIs
IMPACT INVESTORS /
FAMILY FUNDS /FOUNDATIONS
GOVERNMENT / DFIs
CAPITAL MKTs /PENSION FUNDS /
ENDOWMENTS
Market segments and loan products
STRUCTUREDasset securitized loans to prepaid
solar 24-36 months
INVENTORY loans to
distributors, manufacturers, prepaid solar 6-12 months
RESIDENTIAL Current market focus
5-500W systemskerosene replacement
COMMERCIAL(R&D)
10-300KW systemsdiesel replacement
DIRECTloans/leases to
end-users24-36 months
CONSTRUCTIONloans to developers
6-12 months
Geographies E & S Africa Current market
focus
Tanzania, Kenya, Uganda, Rwanda,
Ethiopia, Zimbabwe
South AsiaR&D
India
West AfricaR&D
Ghana
#1 Limited track record/ “chicken or the egg”
Start small, short-term, relationships matter
Overcoming Challenges
#2 Subcritical deal size/high transaction cost
Local & sector expertise, data, monitoring
Growing Relationships
$40k
2013 2014 - 2015
$385k
(planned)$2M
+new structure
2016
SolarNow- Customer since October 2013
3.5% 2yr
SENIOR DEBT(protected by first loss layer)
5% 2yr
JUNIOR DEBT(15%)
$1.1MSEF II 24A
3.5% 2yr
SENIOR DEBT(protected by first loss layer)
7% 2yr
JUNIOR DEBT(15%)
$1.35MSEF II 24B
3% 1.5yr
DEBT
$.25MSEF I 18A
$3.7MSEF II 36B
5% 3yr
SENIOR DEBT(protected by first loss layer)
9% 3yr
JUNIOR DEBT(15%)
$1.8MSEF II 36A
9% 3yr
JUNIOR DEBT(20%)
5% 3yr
SENIOR DEBT(protected by first loss layer)
closed Aug 2015REPAID fully drawn fully drawn drawn Aug 2015SunFunder
Solar Notes - CLOSED
Institutional Investors Individuals
Solar Notes Investors
+20 MORE INDIVIDUALS
SunFunder
SENIOR DEBT(50% of note series)
fully committed
8%MEZZANINE
DEBT(44% of note series)
JUNIOR DEBT + EQUITY
(6% of note series)
fully committed
Solar Notes - OPEN
$10M
3-yr Serengeti Series(closing date: Nov 15)
[email protected] YOU!
ANNEX
$35m portfolio by 2016. $1bn by 2020.$50m
$18m
$16m
$14m
$12m
$10m
$8m
$6m
$4m
$2m
$0m Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015 2016
$50k funded
$0.5m Solar Notes Closed
$18m Solar Notes Closed
$1.2m Solar Notes Closed
$50m Solar Notes Closed
profitable
$7.5m Solar Notes Closed
$4m portfolio
$10m portfolio
$35m portfolio
SUNFUNDER TOTAL PORTFOLIO FY12-To Date$3.8M total ($2.2M outstanding)
across 19 customers and 54 solar project loans
Installer
$1M28% of portfolio
$138kavg loan size
11%avg interest rate
C&I
$0k0% of portfolio
$0kavg loan size
0%avg interest rate
Supplier
$936k26% of portfolio
$151.6kavg loan size
7.8%avg interest rate
Distributors
$1.7m46% of portfolio
$65kavg loan size
11%avg interest rate
Micro-Grid
$30k1.5% of portfolio
$30kavg loan size
13%avg interest rate
Tanzania
$1.12k31.4% of portfolio
$65k avg loan size
11% avg int rate
Kenya
$837K23.4% of portfolio
$93k avg loan size
11% avg int rate
Uganda
$789k22% of portfolio
$50k avg loan size
12.25% avg int rate
India & Philippines
$34k0.9% of portfolio
$10k avg loan size
12% avg int rate
Inventory
$2.37m 66% of portfolio
$65k avg loan size
10.5% avg interest rate
Construction
$0k 0% of portfolio
$0k avg loan size
0.% avg interest rate
Structured/Term
$1.2m 33% of portfolio
$75k avg loan size
12.17% avg interest rate
DIVERSIFICATION19 customers5 customer segments8 geographies3 loan products
Ethiopia, Rwanda. Zambia
$790.5k22% of portfolio
$200k avg loan size
10% avg int rate
1.1%Portfolio At Risk - 30 days
0.0%Portfolio At Risk - 90 days
PORTFOLIO AT RISK
IMPACT400k ppl impacted
3.5M kg CO2 avoided annually
$4.5M Energy cost savings annually