Kenya’s SunCulture closes $10M securitisation with Mirova to fund more solar irrigation loans

Kenyan solar irrigation company SunCulture has closed a $10 million securitisation with Mirova, backed by the repayments its smallholder farmer customers make on their systems. Both companies say other productive-use energy businesses in Africa can copy the structure. A special purpose vehicle buys the payment receivables from SunCulture’s customers, and Mirova’s Gigaton Fund provides $10 million in senior secured financing against them.