News
SunCulture closes $10 million securitisation backed by Mirova
Kenyan solar irrigation company SunCulture has closed a $10 million securitisation of its customer receivables, with senior financing from the Mirova Gigaton Fund.
By Propel Africa · 2026-09-24
SunCulture has closed a $10 million securitisation deal backed by its customer receivables, Launch Base Africa reported on 24 September. The Mirova Gigaton Fund provided the full amount as senior secured financing.
It is a different kind of raise from a typical venture round. SunCulture Kenya sold receivables, the future repayments owed by customers on solar-powered equipment, to a dedicated special purpose vehicle. That vehicle sits within a Mauritius-based programme run through ki Platform PCC. Fintech platform Kaleidofin helped structure the deal and acts as portfolio monitoring agent.
Why it matters
SunCulture sells solar irrigation systems to smallholder farmers on a pay-as-you-go basis, bundled with insurance and warranty cover. Customers repay over long periods, which ties up a lot of the company's capital. Selling those receivables lets SunCulture recycle that money into new inventory and new customers, without waiting years for repayments to come in.
"Access to irrigation in Kenya has never been limited by farmer demand," said chief executive Samir Ibrahim.
Track record
Founded in 2012, SunCulture has sold more than 85,000 solar irrigation systems and pumps. The company reports yield increases of up to 300% and water savings of 80% through drip irrigation. According to WaterEquity, more than 90% of customers use their pumps both for farming and for household needs such as drinking, cooking and cleaning.
The deal adds to a long list of financing. That includes a $12 million syndicated debt facility led by Mirova SunFunder in 2023, $15 million in receivables financing with Bridgin in September 2025, $5 million in growth equity from WaterEquity's Water & Climate Resilience Fund, and an $11 million line of credit for expansion across sub-Saharan Africa.
At a glance
- Company: SunCulture
- Raised: $10 million
- Structure: Securitisation of customer receivables
- Financing: Mirova Gigaton Fund
- Structuring and monitoring: Kaleidofin
- Founded: 2012, Kenya