In a major boost to the efforts of Sun King, the global leader in off-grid solar energy solutions, Lendable has extended a $7 million unsecured loan to support the company’s ambitious expansion plans across Africa. The debt investment, aimed at facilitating the purchase of solar home system inventory, underlines the commitment of both Sun King and Lendable to driving positive change, fostering financial inclusion, and transforming the energy landscape on the African continent.
Sun King, formerly known as Greenlight Planet Inc, has secured the loan from Lendable, a prominent provider of debt to financial technology companies operating in emerging and frontier markets. The strategic partnership is expected to empower Sun King in scaling its business and furthering its mission to provide clean energy solutions to low-income consumers through its innovative pay-as-you-go (PAYG) financing model.
Lendable’s Regional Head for Africa, Sebastian Wichmann, expressed excitement about being part of Sun King’s journey to expand access to clean energy solutions across the 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,” stated Wichmann.
This debt investment by Lendable signifies a crucial step towards advancing sustainable solutions, as it directly supports Sun King’s efforts in designing, distributing, and financing solar home systems. Sun King’s Chief Financial Officer, Krishna Swaroop, commented on the partnership, saying, “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.”
Swaroop added, “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.”
Sun King, founded in 2007, has become a benchmark for off-grid solar performance and design, reaching over 107 million people in underserved communities to date. The company’s commitment to powering access to brighter lives aligns with Lendable’s mission to create a more equitable and sustainable world through data and finance.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.