Sun King, the leading provider of solar energy solutions for off-grid homes in Africa and Asia, has received a vital boost to its mission with a $7 million loan from Lendable, a prominent financier for fintech companies in developing markets. This strategic partnership aims to illuminate the lives of more low-income Africans with clean energy through Sun King's innovative pay-as-you-go model.
Lendable's investment highlights Sun King's trailblazing efforts in designing, distributing, and financing solar home systems. This debt financing, earmarked for procuring additional solar systems, underscores the shared commitment of both companies to drive positive change, foster financial inclusion, and reshape Africa's energy landscape.
Sun King's cost-effective solar systems are transforming how communities in Africa and Asia access electricity. They have already empowered 95 million people, formerly shrouded in darkness, with light and power, while simultaneously preventing over 24 million tons of carbon dioxide emissions. These systems offer a sustainable and affordable alternative to fossil fuels like kerosene or grid-based electricity, allowing communities to break free from dependence on harmful sources.
"We are deeply excited to partner with Lendable in our quest to bring energy access and financial inclusion to Africa," expressed Krishna Swaroop, Sun King's Chief Financial Officer. "This investment will enable us to reach more communities and pave the way for a brighter, cleaner future. We look forward to strengthening this partnership and maximizing our positive impact."
Sebastian Wichmann, Lendable's Regional Head for Africa, mirrored this enthusiasm, stating, "Lendable is honored to be a part of Sun King's journey in expanding clean energy access across Africa. Our investment reinforces our commitment to sustainable development and impactful initiatives. Sun King's proven track record and unwavering dedication to innovation make this partnership a powerful force for positive change."
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