CrossBoundary Energy secures US$40M in equity from Norfund and Norwegian pension fund, KLP, to expand C&I portfolio across Africa Read more
9 Jun , 2020
Cape Town, South Africa - 9 June, 2020 - Sun Exchange (www.thesunexchange.com),
the world’s first peer-to-peer solar leasing platform, today announced it has secured a $3 million investment by ARPF, a Mauritian private equity fund advised by London-based ARCH Emerging Markets Partners Limited (www.archempartners.com) (“ARCH”). This investment marks the close of a $4 million Series-A funding round by Sun Exchange.
Sun Exchange will use the funds to:
“Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets,” said William Barry, Managing Director, ARCH. “ARCH is thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in Sub-Saharan Africa.”
“There has never been a more critical time to accelerate the Sun Exchange mission of connecting the world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined,” said Abraham Cambridge, CEO & Founder, Sun Exchange. “This milestone unlocks the next phase of growth for Sun Exchange, which includes building our team; creating several new, sustainable, clean energy jobs; and providing our growing global user base the opportunity to further diversify their solar cell portfolios across new regions and industries. With our shared passion for driving renewable energy proliferation and sustainability across Africa, ARCH is the perfect partner for Sun Exchange as we scale.”
Adam Draper, Co-Founder and Managing Director, Boost VC, an early Sun Exchange investor, stated, “Amidst the unprecedented health and financial hardships currently impacting the entire world, we've seen an undeniable slowdown in VC deals. This successful raise speaks volumes of the ingenuity and resilience of the Sun Exchange business model."
Sun Exchange has quickly become a recognised technology and solar finance innovation leader across Africa. Last year, the company more than doubled the size of its community, now standing at more than 17,000 members from 162 countries. Additionally, the Sun Exchange project portfolio (www.thesunexchange.com/projects) nearly tripled in size, with the company now facilitating solar power for 31 schools, businesses and organisations across South Africa. Sun Exchange has received numerous awards and accolades, including being named one of Fast Company’s Most Innovative Companies in Africa.
The Sun Exchange online platform enables almost anyone, anywhere in the world, to buy remotely-located solar cells that power schools, businesses and other organisations in South Africa and other sunny emerging markets. Solar cells can be purchased through online crowdsales for as little as $5 per cell and the owner then earns a rental income stream from the clean electricity the cells generate. In turn, the organisation consuming the electricity gains access to affordable and reliable solar power, reducing electricity costs and carbon emissions.
ARCH ARPF aims to create long-term value for stakeholders while addressing the African market’s growing demand for bankable, de-risked, affordable electricity generation, whilst aiming to adhere to the highest ethical and environmental standards. ARPF’s investment team has collectively spent decades originating and managing private sector power investments on the continent, including over $1 billion in closed utility-scale and off-grid sector investments.
About Sun Exchange
Sun Exchange is the world’s first peer-to-peer solar leasing platform, leveraging financial innovation and the power of the crowd to make the environmental, social and economic benefits of solar power accessible and affordable for all. For more information visit www.thesunexchange.com.
About ARCH Emerging Markets Partners
Founded in 2018 as a partnership between African Rainbow Capital Proprietary Limited and JCH & Partners LLP, ARCH Emerging Markets Partners Limited is an emerging markets investment advisory firm specialising in private equity opportunities with an initial focus on energy and logistics in developing economies, and is regulated in the UK by the Financial Conduct Authority. For more information visit www.archempartners.com.
Sun Exchange Media Contacts
ARCH Media Contact
17 Nov , 2020CrossBoundary Energy fully exits first fund at 15pr net IRR, raises $40M to continue to scale financed solar for businesses in Africa
14 Jul , 2022CrossBoundary Energy secures US$40M in equity from Norfund and Norwegian pension fund, KLP, to expand C&I portfolio across Africa
19 Mar , 2020ARCH ARPF invests $16.5m in CBE