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Total loan: $50,000
Meiktila, Mandalay Region, Myanmar (Burma) / Agriculture
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A loan helped To finance the acquisition of new solar water pumps and support 100 smallholder farmers in Myanmar in the next 5 months.
Problem In Myanmar, there are approximately 370,000 farming households using diesel water pumps for irrigation. Many are poor, suffer from food insecurity and have limited access to energy. Currently, these farmers spend an average of USD 516 per year on fuel for irrigation. The high cost of diesel is the main reason why they only irrigate around 50% of their land, resulting in limited crop yields and income. Solution Agrosolar distributes sustainable and affordable solar powered irrigation pumps helping farmers to replace their diesel pump, save up to USD $45 per month (30% of their operational costs), double their crop yields and increase their income by irrigating more land. To support financial inclusion of smallholders, the company also provides lease-to-own financing linked to their seasonal income pattern by partnering with a local socially driven MFI. Loan use Agrosolar already installed 75 systems and is now seeking a USD 50,000 loan to finance the growing demand for their solar powered irrigation systems. The company targets 100 systems to be installed in the next 5 months and over 2,600+ farming households to be reached within three years, reducing over 5,000 tCO2e and increasing overall smallholder farmers income by USD 1.4 million by 2023.