Technology
Solar panels for irrigation
Project type
Pioneer Facility beneficiary
Total loan: USD 1 millon (2x USD 500k)
One Renewable Energy Enterprise Inc.(OREEi), a Philippine social enterprise specialized in deploying solar energy solutions, was selected by the Pioneer Facility for their strong social and environmental impacts, significant experience in their focus areas, and their viable business model.
The Pioneer Facility is working with OREEi to directly finance a project that will replace diesel generated irrigation pumps with solar-powered pumps. The identified end-users are small cooperatives of farmers based in several rural areas of the Philippines. As part of the Pioneer Facility design, the financing was offered collateral-free to be more accessible than traditional financing options.
Update: After the success of the abovementioned project, the Pioneer Facility reinvested an additional $500,000 to continue to expand the project in the Philippines.
“The Pioneer Facility fund was exactly what we needed, when we needed it. Nexus and the Pioneer Facility were able to deliver their specialized loan package at a ticket size that usually has limited lenders. The loan allows us to engage in bigger projects that will fuel our growth. Their account officers were very responsive and took the time to visit both our office and the project site enabling Nexus to appreciate the social and business vision of our social enterprise and the challenges that come with finding this balance”
Erel B. Narida, President and CEO, One Renewable Energy Enterprise, Inc.
Global Goals impacted
