Affordable and clean energy Harambee is located 340 km east of Nairobi. It’s a very green area where people are farming sugar cane or maize. The local population spends EUR 2.18 per week in average on traditional energy sources such as kerosene and diesel as well as phone charging. For people like Caroline, living in Harambee with her eight children, getting a solar home system will save money that was previously spent on kerosene and candles. No more harmful fumes For people using traditional fuels such as kerosene and diesel the toxic fumes from these can cause severe health problems. In Harambee most of the children study in front of a kerosene lamp, getting their noses blocked and problems with eyesight due to the fumes. Access to solar energy will now enable Caroline’s children to study late in the evenings, without negative consequences on their health. Opportunities for local businesses Besides bringing clean electricity to over 5,000 people, this project will also enable local businesses to flourish. Solar energy enables people within the local community to save money and use the savings to start a business as well as opening up possibilities for business ventures such as hair salons, milk cooling and small shops. With the savings made by switching to solar energy Caroline wants to start her own businesses of selling fresh tomatoes at the local market. Raj Ushanga House Raj Ushanga House has been in operation since 1980 and became one of the largest importers and distributors of decorative glass beads in Kenya. In 2013 they became a distributor of solar products and formed a partnership with Azuri in 2014 to begin importing, distributing and financing Azuri solar home systems in Kenya. RUH encountered a series of challenges when they began running a pay as you go solar business. After a slow start and a steep learning curve they are now selling more than 1,000 systems per month with a 1-2% default rate on payments. RUH has switched to only selling the Azuri Quad system and require working capital in order to maintain the current level of sales and provide their sales agents with stock to sell. Without additional capital, RUH is in danger of running out of stock and their growth will be restricted. With your investment RUH will continue to grow and increase the quality of lives of people living in rural Kenya. The repayment process The illustration on the project page (www.jointrine.com/project/16) outlines the financial details of this campaign for a project that has been successfully completed. It is calculated on an example investment of €100 and is intended to illustrate the repayment process. You will be paid out on an ongoing basis and be able to reinvest or take out the repayments upon successful implementation of the project. The interest is calculated on declining balance, meaning that as RUH pays off their loan, they pay less interest to you. RUH also has the option to pay back earlier if possible, meaning you would get your total investment back with the interest up to that date and be able to reinvest earlier in a new project. In the loan note instrument the interest rate will be stated at 6.5% per year but because of the 15% withholding tax, paid by the borrower (RUH), on interest in Kenya this means that the expected annual interest rate for investors in this project will be 5.53%
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The TRINE Way 1.2 billion people around the world currently lack access to electricity. TRINE seeks to solve this problem by closing the gap between private capital in developed countries and local solar partners in emerging markets. At TRINE we believe in profit with purpose. Our commitment to this principle stems from TRINE's founding goal: ending energy poverty. We realize that in order to end energy poverty, finding a sustainable long-term solution is key. The for-profit nature of TRINE as a business and our projects as investments means that our projects are economically viable and thereby ensures that together we can have a social and environmental impact in the long run. TRINE-financed projects will reduce CO2 emissions, reduce health costs, increase knowledge levels and reduce poverty. We've seen voting/democratic participation increase due to villagers being able to get accurate and swift information on election dates and locations. New entrepreneurial ventures pop up connected to the introduction of energy in the villages - such as fertilizer production and water sanitation. Today, we have 7 fully funded projects (350k EURO). Our success rate is 100% to-date.
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