​Sun King Secures $7M in Debt Funding from Lendable to Further Expand Across Africa

​Sun King Secures $7M in Debt Funding from Lendable to Further Expand Across Africa
Sun King

Sun King, formerly Greenlight Planet Inc., the world’s leading off-grid solar energy company catering to Africa and Asia, has recently announced raising an unsecured loan of $7 million from Lendable, a leading provider of debt to fintech companies in emerging and frontier markets. The investment, according to SunKing, will bolster their mission to expand access to clean, sustainable energy and improve financial inclusion, allowing more low-income consumers across the continent to access clean energy solutions through its pay-as-you-go (PAYG) financing model.

This comes on the heels of British International Investment (BII), the development finance institution (DFI) and impact investor of the UK, along with Stanbic Bank Kenya's (a member of the Standard Bank Group) commitment of $130 million and a collaborative working capital facility of $20 million in May 2023. In 2022, Sun King successfully concluded a Series D equity funding round, raising $330 million. Private equity investors General Atlantic, M&G, and Leapfrog were among the participants in this funding round.

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, 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 provided 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.

Commenting on the round, Sun King's CFO, Krishna Swaroop, said, “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.”

Sebastian Wichmann, Lendable’s Regional Head for Africa, remarked, “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.”