Enerwhere is an early stage small business in the renewables energy sector, providing solar power in the UAE. Headquartered in JLT it has grown quickly over the past four years and now generates revenues of Xm.
Its funding challenge is to obtain long term finance to fund long term assets such as solar panels and batteries. As the company is just about breaking even the traditional commercial bank’s are unwilling to provide unsecured finance and certainly nothing of a term which matches the useful life of the company’s assets which could be upto 10 years. Short term finance, in the form of 24 months, was obtained from Beehive, the crowd funding platform but the tenor was insufficient.
Lynwood was able to assist the company’s debt profile with the successful arrangement of a Master Lease Agreement from an international finance leasing company of up-to 48 months. This was used to fund the purchase of Tesla batteries.