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Founded in 2010, ERES Energía Renovable better known by its commercial name Iluméxico is a hybrid social enterprise that provides affordable, clean energy to off-grid communities in Mexico and Colombia via solar-powered home systems. The organization is based in Mexico City.

While Mexico maintains a commendable 97% electrification rate, more than 3 million people, or 600,000 households, reside off the grid. Within these communities, primarily comprising indigenous populations, dependence on hazardous, inefficient, and dim energy sources persists. Similarly, Colombia, with a 95% electrification rate, confronts a parallel challenge, with over 2 million individuals, equivalent to 400,000 households, still lacking access to the grid.

Iluméxico serves these rural, low-income communities without access to electricity and basic services. Only 2% of their clients hold a bank account, and their average monthly income is $95 USD. This makes it difficult to apply for a loan with a traditional financial institution. Iluméxico bridges the gap by offering affordable loans, allowing individuals to finance their purchase of solar equipment at a below-market rate. 

The organization offers household solar systems ranging from 25W to 325W, which can power items such as light bulbs, cell phones, and refrigerators. As a result, clients save an average of 8-17% of their monthly income through replacing candles, kerosene, diesel, and other lighting sources. Clients also gain an extra 2.3 hours per day to spend toward income-generating activities. 

Since its founding,Iluméxico has refined its credit program and business model to better serve its clients. The organization now has a stronger community presence, hiring local employees to facilitate maintenance and coordination of payments. They have also moved to a service-based business model, allowing for more flexible financing. Clients now pay 0% interest on their loans and instead pay a minimum of $8 USD per month for maintenance costs. 

Iluméxico has funded 874 loans totaling $313,275 USD through Kiva's platform since becoming a Lending Partner in 2012. 

Repayment Performance on Kiva

    This Lending Partner All Kiva Partners
  Start Date On Kiva Dec 20, 2012 Oct 12, 2005
Total Loans $473,650 $1,958,818,855
Amount of raised Inactive loans $0 $250,565
Number of raised Inactive loans 0 237
Amount of Paying Back Loans $165,575 $161,326,725
Number of Paying Back Loans 132 188,875
Amount of Ended Loans $308,075 $1,768,237,830
Number of Ended Loans 866 2,370,066
Delinquency Rate 0.00% 12.18%
Amount in Arrears $0 $12,199,756
Outstanding Portfolio $94,887 $100,189,739
Number of Loans Delinquent 0 72,764
Default Rate 7.86% 1.83%
Amount of Ended Loans Defaulted $24,224 $32,304,134
Number of Ended Loans Defaulted 153 84,789
Currency Exchange Loss Rate 0.00% 0.50%
Amount of Currency Exchange Loss $2,622 $11,980,628
Refund Rate 2.12% 0.54%
Amount of Refunded Loans $10,050 $10,526,300
Number of Refunded Loans 21 9,596

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 42.76% 78.23%
Average Loan Size $337 $392
Average Individual Loan Size $455 $589
Average Group Loan Size $541 $1,891
Average number of borrowers per group 2.8 8.3
Average GDP per capita (PPP) in local country $15,600 $5,599
Average Loan Size / GDP per capita (PPP) 2.16% 7.00%
Average Time to Fund a Loan 1.23 days 8.93 days
Average Dollars Raised Per Day Per Loan $273.57 $43.86
  Average Loan Term 21.42 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 851 1,178,627
  Journaling Rate 78.46% 42.26%
  Average Number of Comments Per Journal 0.00 0.02
  Average Number of Recommendations Per Journal 0.00 0.57

Borrowing Cost Comparison (based on 2017 data)

    This Lending Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 24% APR 74.00% PY 27.02% PY
  Profitability (return on assets) -32.63% 1% -3.10%
  Average Loan Size (% of per capita income) N/A 4.00% 0.00%

Country Fast Facts

Lending Partner Staff

Ana Lucia Coll
Pablo Velázquez
Manuel Wiechers