- Sun Exchange has secured a $2.5m investment from ARCH.
- Sun Exchange provides a crowd-based solar leasing platform.
- Through the platform, anyone anywhere can purchase solar cells deployed in SMEs in Africa.
Sun Exchange has secured $2.5 million in the form of a convertible note from ARCH Emerging Markets Partners Limited’s Africa Renewable Power Fund (ARPF). Last year, the crowd-based global solar leasing platform raised $4 million from its Series A funding round. That round was led by ARCH, who put up $3 million. Sun Exchange plans to use the funds to scale its crowd-based solar leasing platform, which enables the financing of solar systems for small-to-medium organisations in Sub-Saharan Africa.
Sun Exchange has facilitated solar power for 45 businesses, schools, farms, and other organisations in Southern Africa through its platform. In March, the company completed a $1.4 million crowd sale for a landmark 500 kW solar and 1 MWh battery storage project for agriculture leader Nhimbe Fresh. The largest crowdsourced project in Africa. Over 1,700 people from 98 countries have utilised the Sun Exchange platform to acquire solar cells for the Nhimbe project.
William Barry, Managing Director, ARCH (Renewable Energy Strategy), said, “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. We are proud to continue partnering with Sun Exchange on its journey to accelerate the global energy transition.”