Accra April 11, GNA – Wangara Green Ventures (Wangara), a green impact investment fund in Ghana has announced a USD 500,000 investment in NorthLite Solar Limited (NorthLite), a renewable energy service provider to finance solar electrification projects.
The fund will enable NorthLite, amongst other things, to procure raw materials for the engineering and construction of solar projects for businesses.
A statement copied to the Ghana News Agency, in Accra, said the investment was in line with Wangara’s objective of contributing to the growth of the green economy by providing green businesses with patient capital and technical assistance for growth.
It said the fund would help NorthLite expand its reach geographically and operationally, beyond the current zone of influence.
“This will lead to an increase in positive climate and sustainable impact within communities and the country at large,” it said.
NorthLite is focused on the remote and un-electrified rural communities, especially within the three northern regions where it operates a franchise system.
It is headquartered in Bolgatanga with a satellite office in Accra.
The franchise system is an innovation that enables NorthLite to train independent solar businesses and technical operators who are willing to participate in distributing, installing, and maintaining solar systems around their immediate communities.
Through this system, NorthLite has trained over 235 renewable energy entrepreneurs, 90 per cent of whom are women and are part of NorthLite’s distribution and maintenance network but operate as independent businesses.
NorthLite’s innovative business model facilitates the company’s mission to deliver affordable, renewable, and sustainable solar energy products to off-grid communities.
This model highly contributes to the inclusion of low- and middle-income earners who are located in off grid areas or do not have the financial resources to connect to the national grid.
NorthLite is providing affordable and sustainable solar power to otherwise neglected and rural areas.
They are simultaneously tackling climate action and the creation of sustainable cities.
Wangara Green Ventures is a climate-focused impact investment company that invests between USD 50,000 to USD 500,000 in Small and Growing Ghanaian Businesses (SGBs) that are making a social and environmental impact in Ghana.
Wangara also supports the growth and sustainability of these SGBs by making available pre-investment and post-investment Technical Assistance Grants.
GNA