The neighbouring countries of Namibia and Zimbabwe are the immediate targets for expansion for South African peer-to-peer solar leasing startup Sun Exchange after it announced its US$4 million Series A round last week. Launched in 2015, Sun Exchange enables almost anyone, anywhere in the world, to buy remotely-located solar cells that power schools, businesses and other organisations. So far the startup has built a community of more than 17,000 members across approximately 160 countries and brought solar power to 24 South African schools, businesses and organisations, and it is now set for further growth after closing its US$4 million Series A investment round. The investment, which was concluded by a US$3 million contribution from the Africa Renewable Power Fund a Mauritian private equity fund advised by London-based ARCH Emerging Markets Partners, will be used to allow Sun Exchange to expand outside of South Africa, where all its projects are currently.
SOURCE: DISRUPT AFRICA