Sun Exchange secures $2.5m convertible note financing
Sun Exchange, an African peer-to-peer solar leasing marketplace, has secured $2.5 million in convertible note financing from ARCH Emerging Markets Partners Limited’s Africa Renewable Power Fund (ARPF). This follows the close of the company’s $4 million series A funding round in 2020, led by a $3 million investment from ARPF.
The latest investment enables Sun Exchange to continue scaling its crowd-based solar leasing platform to facilitate solar power for small-to-medium organisations in sub-Saharan Africa. This is the segment most impacted by rising energy costs, unreliable grid infrastructure and costly backup diesel generators.
“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,” commented ARCH’s William Barry.
Sun Exchange CEO, Abe Cambridge, also shared his thoughts on the investment: “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.”
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