Frankfurt / Berlin / Accra, 22 March 2018 – German crowdinvestors have shown their support for Ghanaian entrepreneurship after a project to power the Impact Hub in Accra was financed in record time on the ecoligo.investments platform. The financing volume of €14,000 was raised by in just 11 hours by private investors, who will receive 5.50 % interest over a period of 7 years. The project will see the Hub, which fosters innovation and entrepreneurship in Ghana’s capital, become the first business in the West African country to benefit from ARE Member ecoligo’s fully financed solar-as-a-service solution. The solar plus storage system will provide reliable, affordable energy to the Hub and its entrepreneurs.
The roof-mounted solar panel array has a capacity of 8.8 kWp and is supported by an energy storage unit from the German manufacturer Hoppecke, which ensures a stable energy supply for the Impact Hub Accra even during the power cuts that often halt business activities in Ghana. With reliable access to internet, technology and a comfortable working space, entrepreneurs at the Hub can focus on developing their ideas and businesses. The Impact Hub Accra is a non-profit organisation and is part of a network of 95 other Hubs worldwide, which supports start-ups and entrepreneurs with working space, coaching and networking.
The solar plus battery system can generate 13.5 MWh of electricity per year and covers around 90% of the Hub’s electricity needs with the rest coming from the national grid; not only lowering their energy costs but also saving 6 tonnes of CO2 emissions per year and eliminating the need for a backup diesel generator. For the business, using clean energy is about more than just cost savings: sustainability is at the core of the Impact Hub Accra’s ethos. By powering their own operations with solar, the Hub can demonstrate the feasibility of renewable energy technologies to its entrepreneurs.
ecoligo’s Ghana office is also located in the Impact Hub Accra, making it an ideal location to showcase the German solar company’s first installed project. Through ecoligo’s solar-as-a-service solution, the Hub pays a fixed monthly fee and does not need to provide a large upfront payment for the system, as it is financed by the crowdinvestors on ecoligo.investments. This solves a huge barrier to the uptake of solar energy solutions in Ghana, especially for commercial and industrial customers: the lack of available finance for such projects.
The quick financing of this project shows that the finance for these projects is available. Projects financed on the ecoligo.investments platform last year were also funded in days, suggesting that private investors in Germany are eager for sustainable, transparent investment opportunities. With calculable CO2 savings, tangible projects and clear economic impact, the projects on the ecoligo.investments platform solve this problem.
The project was installed by local solar engineering, procurement and construction company (EPC) Sunergy in February this year and will be commissioned in March. More information can be found at https://ecoligo.investments/ecoligo-impact-hub.
William Edem Senyo, CEO of Impact Hub Accra, said: “We at the Impact Hub Accra are an innovation enclave that not only supports local Entrepreneurs in their innovations, but also lives innovation. We are therefore excited to make the transition towards a sustainable energy future, by having our own solar-battery system. With this we can showcase that this technology is perfectly suited to Ghana and helps us to achieve one of our key goals: being sustainable in everything we do.”
Martin Baart, CEO of ecoligo, said: “The installation of our first project in Ghana is a really exciting for ecoligo, especially as it is powering our own workspace! Knowing that our business model has made this project possible is fantastic, and we look forward to demonstrating the benefits of our solution here at the Impact Hub Accra.”