Mauritian fund spends $3 million in P2P solar expert Sun Exchange
- Sun Exchange has actually closed a $4 million Series-A funding round by obtaining a $3 million investment from ARPF, a Mauritian private equity fund. The peer-to-peer solar leasing platform claimed it will certainly make use of the funds to help its participants release solar solutions throughout sub-Saharan Africa.
The Africa Renewable Power Fund (ARPF)-- a Mauritius-based exclusive equity fund advised by London-based ARCH Emerging Markets Partners-- has actually consented to invest $3 million in peer-to-peer (P2P) solar leasing specialist Sun Exchange.
"Sun Exchange is placed to emerge as an enabling force in the imminent international power as well as economic change, with a first-of-a-kind platform that uses the power of an unified international community to unlock the potential of dispersed solar power in arising markets," stated William Barry, handling supervisor of ARCH Emerging Markets Partners.
The bargain notes the close of a $4 million Series-A financing for Cape Town-based Sun Exchange. The company said it will certainly use the funds to range and also boost its solar money remedies, so individuals of its P2P platform can deploy extra solar in schools, clinical clinics, farms, interaction towers, water facilities, private companies and also other organizations throughout the African continent.
Adam Draper, founder and taking care of supervisor of Boost VC, a very early capitalist in Sun Exchange, said the ARPF financial investment underscores the viability as well as promise of the firm's business model. "Amidst the unprecedented health as well as economic challenges currently influencing the entire globe, we've seen an undeniable slowdown in VC bargains," Draper noted.
In 2019, Sun Exchange expanded its individual base to greater than 17,000 members in 162 countries. It has grown continuously because late 2017, when it increased around $1.6 million in financing from a team of capitalists that consisted of Network Society Ventures, Kalon Venture Partners, as well as Boost VC.
Its on-line platform allows individuals throughout the globe to purchase from another location situated PV cells that provide electrical energy to colleges, firms as well as other companies throughout Africa. Prospective investors can acquire PV cells using on-line crowdsales for as little as $5 per cell, giving them earnings from the power they generate.