SunCulture, a Kenyan-based technology company has a raised US$11 million.
The funding of US$11 million syndicated debt facility raised by SunCulture will be used expand its operations in sub-Saharan Africa.
Because of its size and its innovative combination of working capital and end-user financing, the new loan is groundbreaking for the solar ‘sustainable use’ sector.
SunCulture provides solar solutions targeted to smallholder farmers, integrating pay-as-you-go (PAYG) funding and value-added services with technology.
SunCulture is currently operating in Kenya, Ethiopia, Uganda, Zambia, Senegal, Togo, and Ivory Coast.
Samir Ibrahim, Chief Executive Officer of SunCulture, said “that for the millions of smallholder farmers in Kenya, the past year was devastating.
87 percent are in a worse financial position due to the pandemic.
However, 81 percent of farmers from SunCulture were able to increase their farming revenue in 2020.
This facility further enables our efforts to help farmers by bringing more and faster solar solutions to them.”
As farmers replace diesel pumps with solar pumps while facilitating income growth and job opportunities in rural communities.
The company aims to mitigate 20,000 tonnes of carbon output per year.