Sun King, a global leader in off-grid solar energy, has successfully secured an unsecured loan of USD 7 million from Lendable, a prominent provider of debt to fintech companies in emerging markets.
This strategic partnership is poised to catapult Sun King’s reach, facilitating the scaling of its business operations. Through its innovative pay-as-you-go (PAYG) financing model, Sun King aims to extend access to clean energy solutions to a broader spectrum of low-income consumers across the African continent.
Lendable’s commitment to sustainability and driving positive change is exemplified by this debt investment in Sun King. As a leading player in the design, distribution, and financing of solar home systems, Sun King is at the forefront of transforming the energy landscape in Africa. The funds raised will specifically support the acquisition of solar home system inventory, aligning with both companies’ shared goals of fostering financial inclusion and sustainable development.
Krishna Swaroop, CFO of Sun King, stated, “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, echoed the sentiment, saying, “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.”
This collaboration between Sun King and Lendable stands as a testament to the shared vision of creating a more sustainable and inclusive energy future for Africa, paving the way for transformative growth and positive impact.
