RedGirasol: A Crowdfunding Network to Fight Climate ChangeBy Jorge Ramos Zwanziger | Fri, 04/30/2021 - 15:14
Efforts to fight climate change are becoming more and more important, leading many companies to look for new strategies to promote sustainability. Founded in 2016, RedGirasol became the first green venture in Mexico that combines solar energy with collective financing to help combat climate change, reports Expansión. The company’s goal is to connect people and companies that want to install solar panels and those who seek to invest in green projects by linking two growth elements: crowdfunding and renewable energies, explains the company on its website.
What is Crowdfunding?
“Financial crowdfunding was born as a result of the financial crisis of 2008. It is an alternative business model, 100 percent digital, that seeks to disintermediate the financial world and allow many people to participate in activities that, before, were only reserved for large financial institutions,” explained Juan Carlos Castro, Co-Founder and CEO of Briq Fund, in an interview with MBN. According to Castro, crowdfunding is a great way to achieve financial inclusion in countries, while also allowing a healthier and more competitive financial system.
In Mexico, “the (crowdfunding) industry was born from the efforts of entrepreneurs who believed in this business model, even when the regulatory framework did not exist,” explained Castro. Entrepreneurs Mauricio de Mucha and Ana Luisa Montaño found themselves in a similar situation when they decided to create RedGirasol, which was founded before the creation of Mexico’s Fintech Law. “It has been an extremely challenging job, due to us starting before the Fintech Law. There was a challenge in gaining our investors’ trust. [Their trust] is something we have been earning over the years,” de Mucha said to Expansión
RedGirasol allows panel installers to generate a payment plan and offer financing to their clients through a loan system managed by the platform, explains Expansión. The company analyzes and verifies the technical and economic feasibility of a project and the client's profile. If the project is approved then it can be financed. Currently, the company has more than 10,000 investors and has financed over 500 projects and more than 200 panel installers, reports Forbes Mexico. RedGirasol has installed panels that have prevented the emission of around 1,740 tons of carbon dioxide to the atmosphere.
de Mucha told Forbes Mexico that he believes the country has what it takes to become a key player in solar energy globally. According to the Mexican Solar Energy Association (ASolMex), 85 percent of the national territory is optimal for installing photovoltaic projects, which offers an opportunity for Mexico to become the seventh world power in solar energy.