Sun Exchange raises USD 4m to enable more African solar projects
Installation of solar panels in Africa. Image by: Mitsubishi Corp (www.mitsubishicorp.com).
South Africa-based peer-to-peer solar leasing platform Sun Exchange earlier this week said it has closed a USD-4-million (EUR 3.5m) Series A funding round that will enable it to continue the solar project expansion across Sub-Saharan Africa driven by its members.
Through Sun Exchange, members from around the world can own solar energy-producing cells and lease them to power businesses and organisations in emerging markets. Projects funded by the platform's members power schools, clinics, farms, cell towers, water plants, businesses and other organisations.
Sun Exchange said that Africa Renewable Power Fund (ARPF), a private equity fund for renewable energy projects across Sub-Saharan Africa, has provided USD 3 million in the funding round. Its anchor investing entity is London-based ARCH Emerging Markets Partners Ltd.
The platform will use the funds to expand its solar finance solution offering, strengthen its marketing activities to significantly expand its membership base and enhance its software to add capabilities and features to its online platform.
Established in 2014, the platform raised USD 1.6 million in seed financing in 2017, with investors including US-based Network Society Ventures, South Africa's Kalon Venture Partners and technology accelerators BoostVC, Techstars and Powerhouse.
Sun Exchange currently has over 17,000 members from 162 countries. It has helped to provide solar power for 31 schools, businesses and organisations in South Africa.