Kenyan SunCulture Secures USD 11 Mn Syndicated Debt Facility

Kenyan energy startup SunCulture received its first disbursement from a new USD 11 Mn syndicated debt facility arranged by SunFunder to expand across sub-Saharan Africa. The investment came from SunFunder along with a group of lenders including Nordic Development Fund, Triodos Investment Management, AlphaMundi, and AfDB’s Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF) managed by Lion’s head.

Nairobi-based SunCulture uses off-grid solar technology to provide its customers access to water and irrigation through its solar-water pumping system with high efficiency drip irrigation which enable farmers spend less and grow more produce. The startup offers a Pay-As-You-Grow option that allows small monthly installments.