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The universal peer-to-peer solar-cell leasing startup Sun Exchange has secured R37.8 million ($2.5 million) in convertible-note financing from the Patrice Motsepe-backed ARCH’s Africa Renewable Power Fund (ARPF).
ARPF is a Mauritian private equity fund advised by the London-based ARCH Emerging Markets Partners. This latest round of financing follows an earlier $4-million Series-A funding round in 2020 led by a $3-million investment from the Motsepe-backed ARCH.
Sun Exchange is a blockchain-based solar startup founded by British entrepreneur Abe Cambridge.
“Powered by our global community, Sun Exchange closes the solar finance gap for organisations in Africa, addressing the challenge of our lifetime while supporting sustainable economic growth,” Cambridge said. “We are delighted that ARCH has reaffirmed its belief in Sun Exchange and our mission through this investment.”
The startup leverages financial innovation (such as cryptocurrencies) and the power of the crowd to make the environmental, social and economic benefits of solar energy more accessible and affordable.
The latest investment enables Sun Exchange to continue scaling its success using its crowd-based solar-leasing platform to facilitate solar power for small and medium enterprises in Sub-Saharan Africa. The company claims to have facilitated solar energy for 45 businesses, schools, farms and other organizations in Southern Africa.
ARCH Emerging Markets Partners Limited
ARCH Emerging Markets Partners is an emerging markets investment advisory firm specializing in private equity opportunities, with an initial focus on energy and logistics in developing economies.
It is a subsidiary of Motsepe’s African Rainbow Capital.
Investors in the equity firm include institutional investors and development financial institutions and the European Union.
The equity firm is a dedicated African renewable energy fund, whose mission is to create long-term value for stakeholders while addressing the African market’s growing demand for bankable, de-risked electricity generation.
