SunCulture Secures USD 10 M Financing To Expand Solar Irrigation In Africa

Kenyan climate-tech company SunCulture has secured a USD 10 M securitisation of receivables linked to its solar-powered irrigation assets, providing capital to expand its pay-as-you-go financing model for farmers.

Founded in 2012 by Samir Ibrahim and Charles Nichols and based in Nairobi, Kenya, SunCulture provides solar irrigation systems and pumps to smallholder farmers through its “Pay-As-You-Grow” model, which combines equipment financing with insurance and warranty services.

The transaction involves a USD 10 M senior secured facility from the Mirova Gigaton Fund to a special purpose vehicle acquiring receivables originated by SunCulture Kenya, with fintech platform Kaleidofin supporting the structuring and portfolio monitoring.

SunCulture says it has sold more than 85,000 solar irrigation systems and pumps since inception. The financing will allow it to recycle capital tied up in customer receivables and fund further expansion.