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.”