07 May SEAF Announces Investment in Renewable Energy Company in Bangladesh
SEAF Bangladesh Ventures LLC (SEAF BV) announced that it has executed an agreement to invest approximately USD 0.5 million in Solar Intercontinental (SOLARIC) Ltd., a developer of renewable energy technology and products. This marks the second investment of SEAF BV, an investment company based in the US that provides financing to growing businesses in Bangladesh. Launched in 2010, SEAF BV is capitalized with an equity investment from the International Finance Corporation (IFC) and Small Enterprise Assistance Funds (SEAF), an emerging markets investment firm based in Washington DC.
Founded in 2009, SOLARIC develops and manufactures solar home systems and power backup systems for rural and urban markets in Bangladesh. The Company’s proprietary and patented micro‐inverter technology optimizes the energy efficiency, improves the useful life and significantly reduces the installation and maintenance cost of the solar home systems and power backup systems, by facilitating the use of smaller batteries and solar panels, and energy‐saving appliances. For more information on SOLARIC, visit www.solar‐ic.com.
“We are excited to have SEAF as our partner, as their investment will provide us the long‐term capital required to expand our production and address the underserved demand for power among rural and urban households and small businesses”, said Didar Islam, founder, Chairman and Managing Director of SOLARIC.
“SEAF is delighted to invest in SOLARIC and looks forward to supporting its growth in Bangladesh and in the large addressable markets in South and Southeast Asia”, said Fahim Ahmed Managing Partner of SEAF BV.