4 July 2024: Odyssey Energy Solutions, an end-to-end platform for financing, procuring solar equipment, and operating distributed solar assets, announces a new credit offering, Construction Credit, designed for solar companies.

Construction Credit addresses a significant challenge faced by EPCs and developers: the need for upfront capital to procure equipment and execute projects. Construction Credit provides solar companies with off-balance sheet working capital that aligns with their project payment milestones, giving EPCs and developers the working capital they need to procure equipment and deliver projects, with the flexibility to make repayments once the project is commissioned.

Maxime Eon, Odyssey’s Vice President of Revenue explains, “having spent a decade of my career as a developer, I know the frustration of trying to line-up the right capital to cover equipment costs, months – or years – before the end-client pays. Construction Credit aims to fill the gap, making it possible for solar companies to take on more projects.”

To begin, solar companies can access credit of up to $5M per project, with a 15-50% downpayment. Interest rates are determined on a project-by-project basis. Once a solar company has been onboarded to the Construction Credit platform, they can access on-demand credit for additional projects.

This credit solution was presented as part of the World Economic Forum’s South Africa Energy Transition working group, a unique public-private collection of 50+ energy and finance experts who collaborated to identify barriers to clean energy investments and surface policy, and non-policy solutions to increase the flow of clean energy capital for South Africa. You can learn more about Construction Credit here.

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About Odyssey Energy Solutions: Odyssey Energy Solutions is a climate tech company transforming distributed energy globally with the goal of bringing low-carbon power to the 3.5 billion people worldwide whose electricity needs are unserved or underserved. Odyssey offers an end-to-end solution to finance, procure equipment for, and operate distributed energy projects at scale across the globe. The company is facilitating more than $1.6B of finance into the sector, delivering tools and services to over 2,600 developers and is backed by leading investors. For more information, visit: odysseyenergysolutions.com.