VIRL Financial Services

VIRL Green Solar

This project will offer targeted green loans in combination with PAYG-enabled solar products (Spark SHS units and Sunking SHS systems, but also solar water pumps and 100 L fridges from Amped Innovation). VIRL Financial Services will also provide financial literacy and credit and business management training to customers. Customers will be able to leverage their solar systems as collateral to acquire larger solar solutions and appliances for their product portfolio, or to acquire external loans beyond energy financing. VIRL Financial Services will expand its branch network, reaching more isolated rural communities. In addition, it will develop capacities for e-waste management.

Outcome and Impact

The project aims to distribute 13,410 solar and 170 PUE products, providing enhanced energy access to 11,619 people. On an annual basis, 6,765 tCO2e will be reduced and 25 MWh of clean electricity will be generated. Additionally, VIRL Financial Services aims to create 200 temporary and permanent jobs, with 44% of leadership positions filled by women. Savings on energy-related expenditure is estimated to be EUR 425K.