Sun Exchange, a crowd-based global solar leasing platform, today announced it has secured $2.5 million in convertible note financing from ARPF, a Mauritian private equity fund advised by London-based ARCH Emerging Markets Partners Limited (ARCH). This follows the company’s closing a $4 million Series A funding round in 2020, led by a $3 million investment from ARCH.
The latest investment will enable Sun Exchange to continue scaling its crowd-based solar leasing platform to facilitate solar power for small-to-medium organisations in Sub-Saharan Africa, the segment most impacted by rising energy costs, unreliable grid infrastructure and costly backup diesel generators.
“Addressing the climate emergency is the top priority on the world’s agenda, as evidenced by last week’s conversations at the UN General Assembly leading up to COP26. While policy action and diplomacy are critical at this juncture, the private sector and individuals have a crucial role to play. Powered by our global community, Sun Exchange closes the solar finance gap for organisations in Africa, addressing the challenge of our lifetime while supporting sustainable economic growth. We are delighted that ARCH has reaffirmed its belief in Sun Exchange and our mission through this investment.”Abraham Cambridge, CEO & Founder, Sun Exchange
Sun Exchange in Zimbabwe
Through its platform, Sun Exchange has facilitated solar power for 45 businesses, schools, farms and other organisations in Southern Africa. In March, the company successfully completed a $1.4 million crowdsale for a landmark 500 kW solar and 1 MWh battery storage project for Marondera-based agriculture export firm, Nhimbe Fresh.
The project, Sun Exchange’s largest to date and its first outside of South Africa, is also the largest crowdsourced project in Africa to date. More than 1,700 people from 98 countries bought solar cells that will soon power the Nhimbe Fresh packhouse and cold storage facilities. Construction of the solar plant is now underway.
“Sun Exchange continues to demonstrate momentum as a fast-emerging leader eliminating obstacles to solar proliferation in Africa. ARCH is committed to working with our portfolio companies and supporting their growth, and we are proud to continue partnering with Sun Exchange on its journey to accelerate the global energy transition.”William Barry, Managing Director, ARCH (Renewable Energy Strategy)
Sun Exchange offers anyone, anywhere in the world an avenue to buy solar cells and automatically lease them to be installed in high-impact solar projects, powering businesses and organisations in emerging markets.