Financial Services

Africa-focused Investor Sunfunder Raises $140m Funding For Off-grid Energy Companies

Even though the coronavirus ravaged the world for a greater part of last year, SunFunder, the Kenya-based venture capital company offering debt financing to solar companies in emerging and frontier markets, and previous investor in Nigerian solar energy company — Zola Electric, has announced it increased its funding to or emerging market solar to $140 million.

The company said part of the funding came from the over-subscribed $70m SET Fund, which saw commitments from new investors including Swedfund and OeEB.

Read also: How Nigerian Plant-Based Meat Startup Got Funding From Swedish Partners

“With the closing of the oversubscribed SET Fund, we are now looking ahead to accelerating our investments and impact over the coming years. This will take new partnerships, new fund structures and new capital committed to the climate finance and clean energy transition,” the company said. 


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Just recently, the company syndicated an $11m debt facility for a Nairobi-headquartered off-grid solar technology company servicing smallholder farmers, SunCulture. The co-investors were Triodos Investment Management, Nordic Development Fund, AlphaMundi, and an AfDB fund managed by Lion’s Head.

The firm which currently has 56 portfolio companies across 23 countries, said 8 more potential investments are currently in advanced due diligence stage. 

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Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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