Sun Exchange, a crowd-sourced global solar leasing network, has received $2.5 million in convertible note financing from ARPF, a Mauritian private equity firm advised by ARCH Emerging Markets Partners Limited in London (ARCH).
This follows the company’s $4 million Series A capital round, which was spearheaded by a $3 million investment from ARCH, which closed in 2020.
Sun Exchange will be able to continue increasing its success by facilitating solar power for small-to-medium businesses in Sub-Saharan Africa, the segment most impacted by escalating energy costs, poor grid infrastructure, and costly backup diesel generators, thanks to the latest funding.
Sun Exchange has provided solar power to 45 businesses, schools, farms, and other organizations in Southern Africa through its innovative platform.
In March, the business successfully completed a $1.4 million crowdsale for Nhimbe Fresh’s landmark 500 kW solar and 1 MWh battery storage project. Sun Exchange’s largest and first project outside of South Africa, the project is also Africa’s largest crowdsourced initiative to date.
More than 1,700 people from 98 countries purchased solar cells through the Sun Exchange network, which will shortly power the Nhimbe Fresh packhouse and cold storage facilities.
The solar plant is currently being built.
“Sun Exchange continues to display momentum as a fast-emerging leader lowering barriers to solar proliferation in Africa,” stated William Barry, Managing Director, ARCH (Renewable Energy Strategy). ARCH is dedicated to assisting and supporting the success of our portfolio companies, and we are happy to continue partnering with Sun Exchange on its mission to drive the global energy transition.”
“Addressing the climate emergency is the top priority on the world’s agenda, as indicated by last week’s conversations at the UN General Assembly leading up to COP26,” said Abraham Cambridge, CEO, and Founder of Sun Exchange. While politics and diplomacy are vital at this time, the private sector and individuals must also play a role. Sun Exchange, powered by our worldwide network, bridges the solar finance gap for African businesses, tackling the challenge of our time while promoting long-term economic prosperity. We are ecstatic that ARCH has confirmed its commitment in Sun Exchange and our goal by investing in us.”
Anyone, wherever in the globe, can use Sun Exchange to buy solar cells and automatically lease them for use in high-impact solar projects, supplying energy to businesses and organizations in sunny emerging markets. Owners of solar cells reduce their carbon footprint while also profiting from the clean energy provided. As a result, businesses and organizations may adopt solar with no upfront fees, lowering their energy bills and reducing their environmental effect.
Read more on Tech Gist Africa:
Yellow, a Malawian off-grid solar provider, has received $4 million in debt financing from SunFunder
Solarise Africa, a Kenyan energy company, has received $5.9 million in funding