GoParity uses crowdlending for Solar Power in Uganda
GoParity, a Portuguese fintech that helps finance sustainable projects through crowdlending, partnered up with SolarPipo Group, a one-stop-shop for solar energy projects in Uganda, to raise funds for dairy cooperatives to go solar, raising more than 200.000€ for four dairy cooperatives.
20-40% of all milk production in Uganda is wasted due to a lack of timely refrigeration. Solar power technologies provide consistent electricity for cold storage of milk, impacting the milk producers and the surrounding population (explained in this video).
GoParity's community of impact investors has lent 220.000€ to install solar panels in four dairy cooperatives in Uganda. The projects, developed by SolarPipo, aim to replace diesel generators for solar power plants and acquisition of battery racks producing more than 375 MWh of clean energy yearly, reducing the cost of cooling milk and supporting the creation of more than 4000 jobs as a result of the increase in the volume and microprocessing of milk.
"Our vision at GoParity is of a renewable and decentralized energy system, in which energy is accessible and affordable to all and used in the most efficient manner, involving local communities." says Nuno Brito Jorge, CEO of GoParity.
By allowing the cooperatives to run on clean energy, and eliminating the diesel consumption, 64.15 tons of CO2 emissions are being avoided every year.
GoParity and SolarPipo have impacted around 10.800 people by funding the Kasolwe Cooperative, the Kyenturegye Cooperative, the Baitambogwe Cooperative and the Buyende Cooperative, and until the end of the year are planning to finance a total of seven cooperatives, reaching a global amount of 400.000€ invested in Uganda.
A reliable energy system has had a trickle-down impact improving the lives of the population by generating jobs; tackling malnutrition; through bigger access to education and better and safer working conditions.
SolarPipo Group, with over eight years of experience in the renewable energy sector is specialized in solar projects for dairy producers. Acting as an installer and investor, easing the process of electrification of dairy cooperatives in Uganda using solar power. GoParity, a crowdlending financing platform that funds social and environmental impact projects using its community of investors, has financed more than 6 million euros for more than 100 sustainability projects, attracting more than 12,500 users.
