The SEOS partnership is scaling up a financing platform to facilitate rooftop solar adoption in Colombia.
P4G has provided the partnership with US $694,463 in grant funding.
This partnership hopes to overcome two main barriers to the energy transition: upfront capital and lack of green financing mechanisms for the residential sector.
Through its platform, SEOS will connect Distributed Energy Resources (DER) installers with clients to offer up to 100% financing for residential solar adoption. They will also provide digital tools through an end-to-end platform that increases the efficiency of daily operations. SEOS offers a sustainable revenue model with impact throughout the value chain. This will help consumers save up to 90% on utility bills and protect against power outages, while reducing CO2 emissions and enabling installers to increase their sales threefold.
SEOS registered more than 100 installation companies, with 40 being actively engaged daily on the platform, providing feedback for its ongoing development. From the end-users' perspective, SEOS has received over 150 credit applications, with 75% preapproval and 20% final approval rates. This represents more than US $250,000 in approved solar loans ready to be deployed.
Leveraging support from P4G, SEOS successfully completed its planned pre-seed round, raising almost US$ 600K from angel investors. This funding allowed SEOS to allocate a portion of these funds for solar loans, establishing itself as a pioneer in solar loans in Colombia. Additionally, SEOS successfully secured an agreement with BBVA for the deployment of solar loans through its platform, resting on their balance sheet. This provides SEOS with flexibility and ensures that access to capital does not become a constraint due to the exponential demand it is experiencing.
The partnership helped significantly influence regulatory policies to facilitate small-scale self-generation projects. Achievements include exemptions for self-generators from reactive energy charges and energy credits tax withholdings, involving entities like the National Directorate of Taxes and Customs (DIAN) and the Ministry of Mines. The partnership collaborated with about 80% of national network operators to resolve regulatory interpretation issues, benefiting around 80 installation companies that faced severe delays in energy credits.
SEOS is also leading a gender inclusion effort to transform the solar industry in Colombia. Through its program "Ladies First," which incentivizes solar installation companies where women are shareholders or directors, and offers preferential solar loan rates to women in the household, SEOS is driving change in the industry.