JAM | Jan 27, 2023

Fosrich and Dolla Financial partner to fund solar energy products for Jamaicans

Tamoy Ashman

Tamoy Ashman / Our Today

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CEO of Dolla Financial Kadeen Mairs (right) and CEO of Fosrich Company Limited, Cecil Foster. (Photo: Instagram @Dolla Financial)

Fosrich and Dolla Financial have partnered to provide customers with affordable financing solutions for solar power systems and solar water heaters to the Jamaican market.

Excited to start this new venture, the companies shared the news in a joint post on their Instagram accounts yesterday (January 26).

“We are proud to announce that Dolla Financial Services Limited and Fosrich Company Limited, have ventured into a partnership to provide customers with financing for solar energy solutions. This partnership allows the Jamaican public to access up to 90 per cent financing on their solar energy needs,” they captioned a photo with CEO of Dolla Financial Kadeen Mairs and CEO of Fosrich, Cecil Foster.

A formal announcement was also made yesterday at the final day of the Jamaica Stock Exchange’s 18th Regional Investments and Capital Markets Conference.

CEO of Dolla Financial Kadeen Mairs (right) shakes hands with Cecil Foster, the CEO of Fosrich Company Limited. (Photo: Instagram @Dolla Financial)

“We’re in the business of lending, because of our high cost of capital of course our rates are higher than your commercial banks. But we’ve figured out a way how to reduce that cost where Fosrich will assist when it comes to installation of these items and locating these items,” shared Mairs.

Continuing, he said: “We’ve reduced a lot of the risks which allowed us to reduce a lot of the interest as well to make it affordable for persons who would like to save. Whether it is saving or totally go solar with their homes or businesses.”

In his remarks, Foster stated that his company has $2 billion worth of interest that is written in pro forma form.

“The pin point for the customers is financing. The Jamaican public have listened to all that has happened over the years and they have seen how they are hurting by not going solar, which is the mere point to solving their problem of renewable energy,” stated Foster.

Fosrich is a local distributor of solar products and electrical lighting LEDS, while Dolla Financial is a micro-finance entity based in Jamaica and Guyana that provides easy access to better financial services, serving the unbanked and underbanked population. 

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