Sun King, formally Greenlight Planet Inc, the world’s leading off-grid solar energy company, has raised an unsecured loan of USD 7 million from Lendable, a leading provider of debt to financial technology companies in emerging and frontier markets. This partnership will enable Sun King to scale its business, allowing more low-income consumers across Africa to access clean energy solutions through its pay-as-you-go (PAYG) financing model.
Lendable has underlined its commitment to advancing sustainable solutions by investing in Sun King, a global market leader in the design, distribution and financing of solar home systems. This debt investment, which will support the purchase of solar home system inventory, exemplifies the commitment of both companies to drive positive change, promote financial inclusion, and transform the energy landscape on the African continent.
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.”
About Sun King
Sun King is the world’s leading off-grid solar energy company with cutting-edge product design, affordable financing, and a grassroots installation model to provide energy to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity. Founded in 2007, Sun King sets the gold standard for off-grid solar performance and design as part of its mission: powering access to brighter lives. To date, Sun King has brought power and light to the lives of over 107 million people living in, primarily, underserved communities. For more information, please visit: www.sunking.com.
Lendable is a technology-enabled investment and alternatives platform focused on global impact alternatives. Lendable’s mission is to create a more equitable and sustainable world through data and finance. Through funds, co-investments, and technology solutions, Lendable enables market access for global investors whilst also providing financing solutions for leading high-growth companies with a positive impact across pre-frontier, frontier and emerging markets. Lendable’s team is based across over 12 countries giving an on-the-ground presence. To date, Lendable has disbursed over $450 million.
Lendable Group consists of Lendable Inc, Dynolabs Asset Management Ltd, Dyno Labs Limited, Lendable PTE. LTD, Lendable Analytics LLC and Lendable Asset Management LLC.
For more information, visit: https://lendable.io.