SunFunder has fully closed its oversubscribed $70m Solar Energy Transformation (SET) Fund, a blended finance vehicle focused on distributed solar and storage investments in Africa and Asia. The SET Fund has received investments from OeEB, Swedfund, Bank of America, Mercy Investment Services, The Schmidt Family Foundation and several individual investors, including from the Toniic impact investor network. They followed $42.5m first close investors - the US Development Finance Corporation (DFC), Calvert Impact Capital, Ceniarth and the IKEA Foundation. DFC is also a risk tool partner of the SET Fund, alongside Sida and MFX Solutions. "SunFunder’s financing to expand access to clean, reliable energy to those living beyond the grid is having life-changing impacts for families across Africa. Not only does it create environmental and health benefits, but families are able to redirect energy savings to food, education and health care,” said Sarah Smith, director of Mercy Partnership Fund.