Symbiotics Investments arranged a USD 10 million Green Bond for Proparco. The proceeds will be on-lent to GreenLight Planet “GLP”, one of the leading Solar-Home System actors in Sub-Saharan Africa, to support its activity in providing access to energy for off-grid customers in underserved African markets. The Bond has been issued by the innovative MSME Bonds SA platform.
GLP provides access to renewable energy and mitigates CO2 emissions by replacing kerosene lamps and diesel generators with off grid solar lanterns and solar home systems (e.g. bulbs, radio, fans, TV, etc.). So far, 7.3 million kerosene lanterns have been replaced and 22.9 million tons of CO2 have been prevented. This project will help avoiding 102,976 tCO2/year. Thanks to the PayGo credit facilities offered by GLP to the unbanked and low-income population, the project will also favor financial inclusion, giving access to PayGo credit facilities to 2.67 million people.
Since 2020, Symbiotics Investments has been offering to its investees the possibility of issuing green, social and sustainability bonds via its MSME Bonds SA platform, reducing costs and providing access to a wider range of institutional investors. Since its inception, the MSME Bonds platform has issued 309 impact bonds for a total amount of USD 2.67 billion, including 33 sustainable bonds through the Green Pass-Through Notes Issuance Programme, for a total amount of USD 329 million.
“This Green Bond arranged by Symbiotics Investments will extend affordable off-grid solar financing to underserved communities across Sub-Saharan Africa, helping them to electrify their own homes and turn off the kerosene lamps. We thank Symbiotics Investments and Proparco for their critical contribution towards a global transformation in the way we provide clean energy services to consumers.”, stated Krishna Swaroop, Sun King Global Chief Financial Officer.
Yvan Renaud, Chief Executive Officer of Symbiotics Investments, welcomed this subscription and the first Green Bond structured for Proparco. “Symbiotics has been an early supporter of access to clean energy and a historical partner to GreenLight Planet. Proparco’s investment in this bond is a great encouragement for us to pursue with our engagement to offer sound green bond opportunities to institutional and private investors.”
This Green Bond fits perfectly in Proparco’s focus on Africa as it contributes to the consolidation of players able to answer to the main developmental challenges in Sub-Saharan Africa. “We are pleased to strengthen our partnership with recognized players such as Symbiotics Investments and GLP. Together, we can work effectively towards providing an enhanced access to clean energy in Africa. As emphasized during COP27, it remains a top priority for the continent, where 570 million of people still live without proper access to electricity.”, said Françoise Lombard, Chief Executive Officer of Proparco; “overall, we collectively need to increase our commitments in emerging markets to ensure access to affordable, reliable, sustainable and modern energy for all by 2030. This project echoes well our ambitions with regards to this objective and is fully in line with Proparco’s strategic priorities and climate mandate.”, she added.
This project will thereby contribute to the following SDGs:
About Symbiotics Investments
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,100 investments representing more than USD 7.5 billion for 541 companies in 94 countries. symbioticsgroup.com
Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group). It has been promoting sustainable economic, social and environmental development for over 40 years. Proparco provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education. Its operations aim to strengthen the contribution of private players to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change. For a World in Common. proparco.fr
About GreenLight Planet
Greenlight Planet is a for-profit social business that designs, distributes, and finances solar home energy with an under-served population in mind: the 1.2 billion global consumers for whom the old-fashioned electrical grid is unavailable or too expensive. Since its founding in 2009, the company has become a leading global provider of solar-energy products to over 60 million rural consumers in more than 65 countries. From its wide range of trusted Sun King™ solar lamps and home energy systems, to its innovative distribution partnerships, to its flexible EasyBuy™ pay-as-you-go financing model, GreenLight Planet continuously strives to meet the evolving needs of the off-grid market. sunking.com
For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics
Christoph Haushofer, Communication Officer, Proparco
Cassandra Barua, Global PR & Corporate Communications, GreenLight Planet