Colombian startup launches solar financing venture

Colombian startup Seos Energy plans to kick-start growth in the distributed generation segment by offering the country's first digital credits for residential solar projects. 

The Bogotá-based fintech is offering 100% financing for customers wishing to install and fully own rooftop photovoltaic modules to power their homes and businesses.

Customers are able to save 100% on their energy bills, allowing them to instead allocate the money to paying off loans over three to seven years. 

By the end of 2023, Seos aims to have 400 households in its portfolio, with loans totaling more than 13bn pesos (US$3mn).

“Seos allows installers to be the ones submitting proposals and owning projects, rather than just being skilled labor,” co-founder Juan Sebastián Pfeiffer said in a statement. 

"On the other hand, the solar credits granted to the end customer are constituted as a normal credit, but with a specific destination. This allows mitigating the risk compared to a free investment credit thanks to the guarantees that can be attached to the credit and the fact that the beneficiary does not receive the disbursement, but rather an installed project."

He added that customers could access a comprehensive digital platform to manage their daily operations and monitor consumption. 

“We accompany the entire user solarization process from end to end with a mobile application to visualize the benefit and impact 24/7," Pfeiffer said. "This includes delivering digital tools to our installer ecosystem to increase their day-to-day operational efficiency."

By 2024, Seos aims to expand its operations to Mexico, one of Latin America's fastest-growing distributed generation markets.