Sun King, earlier known as Greenlight Planet Inc, the largest provider of solar energy products for off-grid homes in Africa and Asia, has secured a loan worth $7 million from Lendable, a top financer of fintech companies in emerging and frontier markets.
This collaboration will empower Sun King to expand its operations, thereby facilitating the access of clean energy solutions to more low-income customers all over Africa through its pay-as-you-go financing model.
By investing in Sun King, a frontrunner in the design, distribution, and financing of solar home systems, Lendable underscores its dedication to promoting sustainable solutions. This debt investment, earmarked for the purchase of solar home system inventory, mirrors both firms’ commitment to fostering positive change, advocating financial inclusion, and reshaping the energy outlook in Africa.
Sun King, with its cost-effective solar power systems intended for household use, is pioneering a shift in how people across Africa and Asia access electricity. The company’s offerings have successfully availed light and power to 95 million individuals who previously lacked reliable electric connectivity while also averting over 24 million tons of carbon dioxide emissions.
The solar home systems from Sun King present a remarkably more economical and sustainable alternative to kerosene or new power lines. Thus, they enable consumers to bypass electrical grids and fossil-fuel energy sources entirely.
Sun King’s CFO, Krishna Swaroop, commented:
We are delighted to partner with Lendable in our mission to promote access to energy and financial inclusion and create a sustainable, clean energy future for Africa. This debt investment will enable us to reach more communities, providing them with access to clean energy. We look forward to building on this partnership with Lendable to drive future growth and amplify our positive impact.”
Lendable’s Regional Head for Africa, Sebastian Wichmann, stated:
Lendable is excited to be part of Sun King’s journey in expanding access to clean energy solutions across the African continent. Our investment underscores our commitment to fostering sustainable development and promoting clean energy initiatives that positively impact communities. Sun King’s proven track record and commitment to innovation align seamlessly with our mission, making this partnership a powerful force for change.
