Pay-As-You-Go Solar Products
Pay-As-You-Go Solar Products
Business Model Description
Invest in Pay-As-You-Go (PAYGO) companies that sell or rent solar-enabled products to individual customers and/or businesses on a "pay-as-you-go" basis, which means that customers make regular payments through mobile payments or cash. In cases of non-payment, the service provider can remotely disconnect the service. PAYGO companies' products range from solar home systems to small industrial solutions. PAYGO customers are individuals and SMEs that do not have access to grid connection and also do not have access to credit. Investors in PAYGO companies typically provide either debt or equity funding for PAYGO businesses to scale by providing growth capital to expand to new areas or countries or provide working capital funding.
Expected Impact
Tackle energy poverty among those who do not have access to traditional forms of credit, and contribute to reduction of CO2 by replacing unsustainable sources of energy.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Sierra Leone: Northern Province
- Sierra Leone: Southern Province
- Sierra Leone: Eastern Province
Sector Classification
Renewable Resources and Alternative Energy
Development need
Energy is under-resourced and in scarce supply in Sierra Leone; its population with access to electricity stood at 22.7% in 2019 (1). The country is particularly vulnerable to climate change, ranked in the top 10% in the world (2) with particular attention to the coastal vulnerability (3).
Policy priority
Energy is one of the key priority areas in Sierra Leone's Medium-Term National Development Plan in terms of access and sustainability. One of the key targets is to increase the country’s capacity for renewable energy, covering solar and hydro, contribution to 65% by 2023, up from the current 30% level (4). In addition, the government has established an electrification target of 92% by 2030 as part of a contribution to the attainment of the Economic Community of West African States (ECOWAS) Energy Efficiency Policy targets (35).
Gender inequalities and marginalization issues
Women are the primary energy users at the household level. Shifting to renewable sources of energy reduces the exposure of women to indoor air pollution as well as relieves them from the time burden, and security and gender-based violence threats from collecting firewood (5). People in rural areas suffer from more acute lack of access to electricity with only 4.8% of the rural population in Sierra Leone having access to electricity (29).
Investment opportunities introduction
Renewable energy is considered multi-sectoral and a space where public-private partnerships are particularly important, including in Sierra Leone (6). There is opportunity for small-scale private-only investments and SME development, thus also leaving space for entrepreneurship. Demand for energy in Sierra Leone is estimated at around 360 MW, with current installed capacity of around 105 MW (4).
Key bottlenecks introduction
Access to finance is cited as one of the key impediments for alternative energy companies to be successful in Sierra Leone (7).
Alternative Energy
Development need
Addressing energy poverty and climate change in Sierra Leone requires a blend of both traditional and alternative energy. Unreliable and limited access to the grid hampers economic growth and negatively affects social outcomes for the population. On-grid sources only serve 20% of energy poverty needs in Sub-Saharan Africa (30).
Policy priority
According to Medium-Term National Development Plan, increasing investment in low-cost renewable energy production and distribution is one of the key policy actions, covering solar, hydro, wind, and biomass (4). The government recognizes the immense potential for renewable energy as the best way to increase energy production sustainably (4).
Gender inequalities and marginalization issues
Within the renewable resources sector, solar projects tend to be large-scale that often exclude small businesses and communities, particularly women. In general, women are more likely to be excluded from economic sectors, including infrastructure development (5). This is also related to the under-representation of women in Engineering, Manufacturing, and Construction field (15%) (8).
Investment opportunities introduction
There are various opportunities in the alternative energy sector, ranging from large-scale solar farms, hydro energy plants, as well as small-scale solar power systems that can be implemented by and catered to SMEs and individuals. Local engineering firms that can implement such solutions are critical.
Key bottlenecks introduction
Sierra Leone faces challenges related to energy transmission and distribution. The country's transmission grid is inadequate for transmission from areas where low-cost renewable electricity can be generated to load centers. There are challenges with the distribution network with outdated infrastructure and capacity (4). There is limited technical capacity in the off-grid solar industry (7). Engineers are often brought in from outside of the country for maintenance and repair (12).
Solar Technology and Project Developers
Pipeline Opportunity
Pay-As-You-Go Solar Products
Invest in Pay-As-You-Go (PAYGO) companies that sell or rent solar-enabled products to individual customers and/or businesses on a "pay-as-you-go" basis, which means that customers make regular payments through mobile payments or cash. In cases of non-payment, the service provider can remotely disconnect the service. PAYGO companies' products range from solar home systems to small industrial solutions. PAYGO customers are individuals and SMEs that do not have access to grid connection and also do not have access to credit. Investors in PAYGO companies typically provide either debt or equity funding for PAYGO businesses to scale by providing growth capital to expand to new areas or countries or provide working capital funding.
Business Case
Market Size and Environment
< USD 50 million
10% - 15%
876,000 non-electrified people (14% of the non-electrified population) best served by solar home systems
According to Sustainable Energy Fund for Africa (SEFA), 876,000 people (14% of the non-electrified population) will be best served by solar home systems (SHS) out of the 2.9 million people that do not have connection to electricity in Sierra Leone (32).
Based on the average mini-grid tariff of USD 0.9/kWh, and average household demand per day of 0.2kWh/day, and using the assumption by Sustainable Energy Fund for Africa (SEFA) that 876,000 people (14% of the non-electrified population in Sierra Leone) will be best served by solar home systems (SHS), as a key PAYGO product, the annual market size of the solar home systems in Sierra Leone is USD 10 million (32).
While data specific to Sierra Leone is only tracked from the second half of 2019, the sales volume for lighting products has grown by 9% annually from 2019 to 2021. The industry would likely have grown more without the COVID-19 pandemic, as the sales volume shrunk by 19% in 2021 compared to the year before (34).
Indicative Return
15% - 20%
The blended cost of borrowing for a typical PAYGO company is often as high as 18% or more after including costs for currency hedges (12). Funders of PAYGO companies in Africa have been venture capital funds. Investors who invest in early stage businesses in Sierra Leone have a target IRR range (in USD) of 10-18% (13).
Investment Timeframe
Medium Term (5–10 years)
Funders of PAYGO companies have been venture capital funds that typically have a fund life of 7-10 years, including those funds interviewed (13). Venture capital funds must exit their investment and return the money back to the investees before the end of the fund's life.
Ticket Size
USD 1 million - USD 10 million
Market Risks & Scale Obstacles
High Customer Acquisition Costs
Capital - Limited Investor Interest
Business - Business Model Unproven
Impact Case
Sustainable Development Need
Only 22.7% on the population in Sierra Leone has access to electricity as of 2019 (1). This is one of the major challenges that affect the lives of people as well as businesses in Sierra Leone.
Traditional source of energy, namely biomass from wood and charcoal, is used by 80% of population in Sierra Leone (4). Use of charcoal causes health issues particularly for women who tend to spend time cooking in households.
The generation of clean energy in Sierra Leone is currently limited at 30% (4).
Gender & Marginalisation
Women are the primary energy users at the house level. They are exposed to indoor air pollution, as well as time burden, and risk of security and gender-based violence threats from collecting firewood (5).
Children living in areas without proper access to electricity suffer from not being able to study after dark.
There is significant levels of unemployment across Sierra Leone, and economic opportunities in rural areas are particularly limited. This is exacerbated by the absence of reliable and affordable electricity.
Expected Development Outcome
PAYGO companies provide a range of solar enabled products to customers by offering payment plans to those who do not quality for traditional forms of credit. The PAYGO model often tackles the challenge of access and affordability of environmentally friendly source of electricity for the underserved populations.
PAYGO companies offer a range from solar lanterns and cell phone chargers to other household items such as clean cooking stoves. Such clean cooking stoves replace traditional use of charcoal which causes health hazards, especially for women.
PAYGO products allow individual households (and small businesses) to generate their own clean energy.
Gender & Marginalisation
PAYGO offers affordable access to not just sustainable but more healthy sources of energy. While statistics are limited, 86% of people surveyed in a GOGLA West Africa reported their health has improved from buying solar home systems (18).
Purchasing solar home systems products from PAYGO can allow for children to study longer by having light after dark. In a GOGLA survey on West Africa, 91% of customers said children have more time to do their homework (18).
Having reliable alternative power through purchasing solar home systems in households from PAYGO provides an opportunity to be economically engaged. According to a survey on West Africa by GOGLA, 14% of households generate additional income after purchasing solar home systems. Furthermore, amongst households that generate income, the additional income generated after purchasing solar home systems was USD 31 per month (18).
Primary SDGs addressed
7.1.1 Proportion of population with access to electricity
7.1.2 Proportion of population with primary reliance on clean fuels and technology
7.2.1 Renewable energy share in the total final energy consumption
Only 22.7% on the population in Sierra Leone has access to electricity as of 2019 (1).
Biomass from wood and charcoal is the source of energy of 80% of population (4), meaning that 20% of the population uses clean energy.
The percentage of clean energy production is 30% (4).
According to the National Energy Efficiency Plan, the target electrification rate is 92% by 2023. In addition, according to the Medium Term National Development Plan, the government targets to increase installed electric capacity from the current 100 megawatts in 2018 to 350 megawatts by 2023, as well as to connect 20 villages and eight towns in each district to the national grid or off-grid standalone schemes (4).
N/A
According to the Medium Term National Development Plan, the government targets to increase the country’s capacity for renewable energy (solar and hydro) contribution to 65% by 2023 (4).
10.1.1 Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total population
As a proxy, average income in Sierra Leone is USD 3.9 per day as of 2017 (40).
As a proxy, more than a third of PAYGO customers increase their average income by up to USD 35 per months (18).
1.1.1 Proportion of the population living below the international poverty line by sex, age, employment status and geographic location (urban/rural)
57% of the population and 72.4% of the rural population in Sierra Leone live below the poverty line. Furthermore, 10.8% of the country and 15.3% of the rural population face extreme poverty (4).
By 2023, ensure more rural inhabitants are out of extreme poverty than in 2018 (4).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Public sector
Outcome Risks
PAYGO companies may cause over indebtedness for customers if they purchase PAYGO products that they cannot afford. This can damage the households' economic situation by eating into the income that is used for essentials such as food and education.
PAYGO companies may perpetuate gender inequality by selling products mainly to men rather than to women who do not have decision making power. In West Africa, an average purchaser of solar home systems is a 39-year-old man. 88% of the purchasers in West Africa are male (18).
Impact Risks
If PAYGO fails to provide electricity to low income populations particularly in rural areas, they will continue to be cut off from electricity, which prevent them from improving their lives and accessing economic opportunities (16).
If PAYGO models do not scale, women will continue to be exposed to health risks from inhaling hazardous smoke caused by charcoal, as well as safety risks including gender-based violence from walking in the dark or collecting firewood (16).
Continued use of unsustainable sources of power such as charcoal will contribute to not meeting the 1.5 degree target, resulting in catastrophic consequences on the planet, and particularly for many parts of Africa, including Sierra Leone, that are vulnerable to climate change impact.
Impact Classification
What
PAYGO solar products provide access to affordable and sustainable electricity. This is a positive impact as it helps to alleviate energy poverty in the country.
Risk
While the PAYGO business model is proven in Sierra Leone and across Africa, its long term sustainability and commercial viability are yet to proven given that it is a relatively nascent industry.
Contribution
Contribution: The additionality that PAYGO brings to the target customers who lack access to sustainable sources of electricity is significant. This is because alternative forms of electricity is either unhealthy and unsustainable.
Impact Thesis
Tackle energy poverty among those who do not have access to traditional forms of credit, and contribute to reduction of CO2 by replacing unsustainable sources of energy.
Enabling Environment
Policy Environment
Medium Term National Development Plan (2019) defines energy access and sustainable energy as key priority areas. One of the key targets is to increase the country’s capacity for renewable energy (solar and hydro) contribution to 65% by 2023 from the current 30% level (4).
National Energy Policy (2009) & National Energy Strategic Plan (2009) sets as objective to increase access to modern energy supplies in off-grid areas for reduction of poverty. They also prioritize small-scale decentralized solar power supplies to meet the basic needs of lighting, refrigeration and media and information technology in rural areas, and call for the development of a strategy, plan and mechanisms for rural electrification (21, 24).
Energy Efficiency Policy (2016) & National Energy Efficiency Action Plan (2015) seek to enhance energy access while transforming the energy sector towards greater sustainability. They detail sectoral and cross-sectoral measures to be taken (25). The action plan sets actions and targets towards SDG7.1 and 7.3, among which 92 % access to electricity and 12.3 kWh / USD PPP 2005 primary energy intensity in 2030 (35).
National Renewable Energy Policy of Sierra Leone (2016) and National Renewable Energy Action Plan (2015) clarify and extends the 2009 National Energy Policy and Strategic Plan with goals, policies, and extensive measures for renewable energy (20, 21). It also marks the initial steps of aligning the country's renewable energy policy with the regional Renewable Energy Policy of the ECOWAS (22). The action plan sets goals such as shares of renewables in electricity generation (36).
Financial Environment
Financial incentives: The renewable sector in Sierra Leone is heavily supported by donors. Several grants are available to invest in alternative energy in Africa: The Sustainable Energy Fund for Africa (SEFA) is a multi-donor fund managed by AfDB that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency (38). EEP Africa managed by the Nordic Development Fund provides grants and catalytic financing to innovative clean energy projects (39).
Fiscal incentives: Sierra Leone has a Goods and Services Tax (GST) of 15% and import duty of between 5% to 35%. Supply of solar power has been added to the list of GST zero-rated supplies in the Finance Act of 2022 (28). The importation of photo voltaic system equipment and low energy or energy-efficient appliances for resale or use by third parties is be duty-free for a period of 3 years (41). However, the exemptions for import duty and GST for solar products do not seem to be universally applicable and are approved on a case-by-case basis (26).
Regulatory Environment
The Borrowers and Lenders Act, (2014) provides a legal framework for credit agreements. This is relevant for PAYGO businesses that extend credit to their customers (37).
The Investment Code (2005) is designed to provide more protection for companies investing in Sierra Leone. It directs government to encourage joint ventures and allow full foreign ownership. This is relevant for potential foreign investors who provide capital into PAYGO businesses to understand their rights (21).
The Finance Act 2017 provides duty exemptions on the importation of solar equipment that meets International Electrotechnical Commission (IEC) standards (27). The Finance Act of 2022 added the supply of solar power to the list of Goods and Services Tax zero-rated supplies (28).
Marketplace Participants
Private Sector
GreenMax Capital Advisors, West Africa Bright Futures Fund (CordAid), Gemini Capital, Acumen, Gaia Fund, EasySolar, BBOXX, CrossBoundary Energy, Serengeti Energy, Guaranty Trust Bank, Access Bank.
Government
Ministry of Energy, Public Private Partnership (PPP) Unit of the Office of the President, The Electricity and Water Regulatory Commission (EWRC), Ministry of Finance, Environmental Protection Agency, National Public Procurement Authority.
Multilaterals
World Bank, Regional Off-Grid Electrification Project, Foreign, Commonwealth & Development Office (FCDO), United Nations Office for Project Services (UNOPS), United States Agency for International Development (USAID), Millennium Challenge Corporation (MCC), Sustainable Energy for All (SEforAll), Energy Sector Management Assistance Program (ESMAP), African Development Bank, Dutch Entrepreneurial Development Bank (FMO), Climate Investment Funds (CIF), Norfund, Swedfund, Proparco, Kreditanstalt für Wiederaufbau (KfW), Nordic Development Fund (NDF), Stoa Impact Fund, International Renewable Energy Agency, Abu Dhabi Fund for Development.
Non-Profit
The Renewable Energy Association of Sierra Leone (REASL), Energy For Opportunity (EFO), Energy 4 Impact, Global Off-Grid Lighting Association (GOGLA), Welthungerhilfe, Africa Microgrid Developers Association (AMDA), MercyCorp, Rockefeller Foundation, Shell Foundation, Lighting Global, Energy Saving Trust.
Public-Private Partnership
Serengeti Energy Limited (the first independent power project, Baoma 1, in Sierra Leone) and Power Africa (led by United States Agency for International Development).
Target Locations
Sierra Leone: Northern Province
Sierra Leone: Southern Province
Sierra Leone: Eastern Province
References
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- (2) University of Notre Dame. ND-GAIN Index. Accessed from: https://gain.nd.edu/our-work/country-index/rankings/
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