Phnom Penh, March 31, 2021 – Nexus for Development, as a Kiva field partner, raised USD 25,000 through the crowdfunding platform for Sumba Sustainable Solutions (3S), to finance its working capital on solar home systems and Capex to increase its bamboo processing capacity.
In addition to the $25,000 Kiva loan, 3S will receive $22,000 from New Energy Nexus, an incubator and investor sponsoring renewable energy companies. Thanks to this combined investment, 3S will electrify 5,000 households in the next three years, install 50 solar-powered appliances and build a new bamboo treatment plant to meet the growing demand.
Clean energy access and inclusive development
On the remote island of Sumba, Indonesia, over 250,000 people do not have access to electricity. These are among the country’s poorest and many rely on kerosene for lighting and firewood for cooking. Without access to productive equipment, farmers process goods by hand, which is very inefficient and time-consuming.
Sumba Sustainable Solutions (3S) distributes and leases solar home systems, which can power light bulbs, charge phones, or even laptops for studying. So that villagers can afford this service, 3S increases households’ income by
- providing solar-powered equipment (such as rice and corn mills, or coconut graters) which boost farmer productivity and saves them hours of labor,
- purchasing bamboo at a fair price from smallholder farmers, to treat it and use it in the construction of sustainable bamboo buildings.
In the past two years, 3S has installed 2,500 lights, 52 solar-powered appliances and purchased over 70,000 meters of bamboo to complete two construction projects.
About Kiva
Kiva is the world’s most popular crowdfunding platform with a mission to alleviate poverty by connecting people through lending. Through crowd-funding, early-stage enterprises are able to tap a broader network of smaller, individual lenders that they otherwise would not have been able to access.
Nexus for Development is a Field Partner of Kiva meaning that we are able to raise loans up to USD 50,000, when direct listings are usually limited to USD 10,000, for social enterprises that would have been ineligible for a listing due to restricted geography.
About Nexus for Development
Nexus for Development is an international not-for-profit organization founded on the principles of sustainable development. We drive access to finance in developing economies across Asia to increase sustainable energy and water resource development, advance low-carbon solutions, and scale local implementers.
For more information please contact: contact@nexusfordevelopment.org