Lendable has extended a $7 million unsecured loan to Sun King, an off-grid solar energy solutions provider, to support the company’s expansion plans across Africa. This debt investment, aimed at facilitating the purchase of solar home system inventory, reinforces the commitment of both companies to driving positive change, fostering financial inclusion, and transforming the energy landscape on the continent. Sun King, formerly known as Greenlight Planet Inc, will utilize the loan to scale its business and advance its mission of providing clean energy solutions to low-income consumers through its innovative pay-as-you-go financing model. Lendable’s Regional Head for Africa emphasized the strategic partnership's alignment with their commitment to sustainable development and clean energy initiatives, recognizing Sun King’s proven track record and commitment to innovation.
The debt investment by Lendable is a significant step toward advancing sustainable solutions, directly supporting Sun King’s efforts in designing, distributing, and financing solar home systems. Sun King’s Chief Financial Officer expressed enthusiasm about the partnership, highlighting the potential to reach more communities and provide access to clean energy. Sun King, founded in 2007, has reached over 107 million people in underserved communities to date, making it a benchmark for off-grid solar performance and design. The company's commitment aligns with Lendable’s mission to create a more equitable and sustainable world through data and finance.