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SUNKING
Leading global energy access solution provider
TECHNOLOGY AND BUSINESS MODEL
Provider of energy access solutions including off-grid solar systems and cookstoves
COUNTRIES OF OPERATION
Direct B2C operations in nine countries and B2B partnerships in 30 countries across Africa and Asia. Key markets: Nigeria, Kenya, and Tanzania
E&S RISK CLASSIFICATION
B - Medium Risk
SPARK+ INVESTMENT
$6.5 million senior unsecured loan
USE OF PROCEEDS
Financing to grow its clean cooking business segment, including as a result of its acquisition of PayGo Energy, an innovator in pay-as-you-go LPG solutions.
WEBSITE
Sunking is considered the global industry leader in off-grid energy access solutions in developing countries, with 56% market share as of Jun-23 according to GOGLA, the off-grid energy association. Sunking provides solar-energy solutions as well as other products including clean cooking solutions, with operations concentrated in Kenya, Nigeria and Tanzania. The business relies on a combination of 1) B2C sales, selling directly to end-users in nine countries through a network of 344 branches and 24,000+ agents, and 2) B2B sales via partnerships with local entities in 30 countries in Africa and Asia, facilitating sales in regions where it lacks local presence.
The 48-month debt facility will enable the company to scale-up its distribution of PAYG-enabled LPG solutions and other clean cooking solutions, leveraging its extensive track record and operations across multiple markets.
