Verdure Fund, which last month sold South Africa’s first securities backed by loans made to small-scale solar power facilities, plans further sales, starting with an issuance in the first quarter of next year.

The Johannesburg-based fund, backed by German state development bank KfW, sold 229 million rand ($13 million) of the bonds from its portfolio of loans used to erect 159 rooftop solar installations, on Nov. 7. It aims to sell at least 300 million rand of the securities every year for the next decade, said David Johnson, one of Verdure’s co-directors.