Solar finance and leasing platform Sun Exchange has secured a R50-million ($3-million) investment from Mauritian private equity African Renewable Power Fund (ARPF), marking the close of a R67-million ($4-million) Series A funding round.
Sun Exchange will use the funds to scale its solution and expand into new markets across sub-Saharan Africa, enabling platform users to lease solar power to schools, clinics, farms, cell towers, water plants, businesses and other organisations.
It will also bolster marketing activities and substantially grow the platform’s global user base and implement software enhancements to extend its platform capabilities and features.
The Sun Exchange online platform enables users anywhere in the world to buy remotely-located solar cells that power schools, businesses and other organisations in South Africa and other sunny emerging markets. Solar cells are bought through online crowdsales for as little as R84 per cell, and the owner then earns a rental income stream from the clean electricity the cells generate.
In turn, the organisation consuming the electricity gains access to affordable and reliable solar power, reducing electricity costs and carbon emissions.
"This milestone unlocks the next phase of growth for Sun Exchange, which includes building our team; creating several new, sustainable, clean energy jobs; and providing our growing global user base the opportunity to further diversify their solar cell portfolios across new regions and industries," says Sun Exchange CEO and founder Abraham Cambridge.
The company more than doubled the size of its community during 2019 now standing at more than 17 000 members from 162 countries.
Additionally, the Sun Exchange project portfolio nearly tripled in size, with the company now facilitating solar power for 31 schools, businesses and organisations across South Africa.