Sun Exchange has secured $ 2.5 million in the form of a convertible note from CAMBER Emerging Markets Partners Limited Africa Renewable Energy Fund (ARPF). The same company was also responsible for Sun Exchange’s previous $ 3 million investment as a lead investor in the Serie A startup funding round.
Global crowd-based solar leasing platform Sun Exchange revealed the funding was in the form of $ 2.5 million in convertible note financing. ARPF is a private equity fund managed by Mauritius with advisers based in London CAMBER Emerging Markets Partners Limited. The closing is in addition to the $ 4 million Series A funding due by 2020 through ARCH’s $ 3 million investment arm.
The innovative Sun Exchange platform facilitates solar-powered buses for 45 schools, businesses, farms and other organizations in Southern Africa. In March, the company successfully closed a $ 1.4 million public sale of a landmark 500 kW solar and 1 MWh battery storage project for Nhimbe Fresh, an exporter of fresh agricultural products.
With its latest investment, ARCH reaffirms its belief in our mission to connect the world to the sun, providing simple, affordable and world-class solar energy solutions for African businesses. 🌍☀️
Learn more about this exciting news here: https://t.co/9ihWTs8uy3 pic.twitter.com/iwu8VkhyWL
– The Sun Exchange (@TheSunExchange) September 30, 2021
The Sun Exchange project is the largest to date and one of the first outside South Africa. The project is Sun Exchange’s largest crowdsourcing project to date. The company’s platform will help 1,700 people in 98 countries with solar cells that can power Nhimbe Fresh’s packing station and cold storage facilities. Currently, construction of the solar power plant is underway.
In his remarks, ARCH Managing Director William Barry described Sun Exchange as a rapidly emerging leader in solar proliferation in Africa. He further highlighted how ARCH works with and supports all of the companies in its portfolio.
Despite high-level commitments in terms of political action and diplomacy, he believes that “the private sector and individuals have a crucial role to play. Sun Exchange works to close the solar financing gap for African organizations, meet life’s challenges and create sustainable growth. Using Sun Exchange, anyone in the world can easily purchase solar cells and then automatically lease them for installation in high impact solar projects which in turn power businesses and organizations.
Source: press release on Africanews