Symbiotics, the leading market access platform for impact investing, has arranged a USD 15 million Green Bond for Greenlight Planet Inc. (“Greenlight Planet”).
This represents a landmark transaction for the leading provider of off-grid solar home energy solutions across markets on the Asian and African continent. Greenlight Planet will use the proceeds of the Green Bond to finance supplier advances, inventory and customer lease structures for pay-as-you-go solar home systems. With the funding received, Greenlight Planet is able to speed-up its mission to bring renewable energy solutions to places where no reliable source of power is currently available.
As a founding member of the Global Off-Grid Lighting Association (GOGLA), Greenlight Planet has been at the forefront of promoting transparent impact reporting. To showcase best practices, Greenlight Planet will report on the greenhouse gas emissions avoided, the number of solar home kits sold and the MWh of clean energy that is generated via the solar home systems provided to its target customers.
Thomas Varela, Senior Investment Analyst at Symbiotics, said: ”Symbiotics has been an early supporter of access to clean energy and started investing in the off-grid solar energy sector in 2017. Indeed, we believe that each solar home system sold replaces a fossil fuel-based energy source, catalyzing a positive impact on the livelihood of millions of clients through health benefits, education, and reliable and affordable electricity. As an historical lender to Greenlight Planet, we have witnessed the tremendous execution capacity of the company, and we are confident that it is best positioned to accelerate the electrification of Sub-Saharan Africa. Through this Green Bond issuance – the first of its kind exclusively financing the deployment of solar home systems in Africa – Symbiotics intends to unlock the access to mainstream sustainable capital for Greenlight Planet and pave the way for future issuance for similar companies in the industry.”
“Over 600 million people live off the grid, and most use dim, polluting and dangerous kerosene lamps for light at night. Greenlight’s Sun King rooftop solar systems provide not only abundant solar energy, but the ‘pay as you go’ purchase financing necessary to make solar affordable to all off-grid families everywhere. This Green Bond debt facility arranged by Symbiotics will extend affordable off-grid solar financing to households across sub-Saharan Africa, helping them to electrify their own homes and turn off the kerosene lamps forever.”, added Anish Thakkar, co-founder of Greenlight Planet.
With the issuance of this Green Bond, Greenlight Planet showcases its commitment to align with global funding standards towards climate change mitigation.
The following SDGs are promoted with this Green Bond issuance:
This bond is issued via Symbiotics sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified in December 2019 and November 2021 by DNV GL. The Green Bond will be listed on the Luxembourg Green Exchange. The Green Bond proceeds are to be fully used towards a 42-months tenor, secured loan facility to Greenlight Planet Inc.
Link to: Sustainable Bond framework for Symbiotics
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About Symbiotics
Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 5,000 deals for over 490 companies in almost 90 emerging and frontier markets representing more than USD 7.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions. symbioticsgroup.com
About Greenlight Planet
Greenlight Planet is a multinational, for-profit business that designs, distributes and finances solar home energy solutions with an underserved population in mind: the 800 million population for whom the traditional electrical grid is either inaccessible or too expensive. Greenlight Planet has sold over 15 million Sun King™ solar home energy products to off-grid households around the world. Greenlight Planet reaches remote, off-grid customers through a vast network of micro-entrepreneurs, more than 300 global strategic distribution partners, and its proprietary Sun King EasyBuy (“pay-as-you-go”) installment payment technology that makes safe, high-quality solar energy products affordable for all. Greenlight Planet’s Sun King™ products are currently installed in 65+ countries and serve more than 70 million beneficiaries. greenlightplanet.com
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For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics
samy.derradji@symbioticsgroup.com
Cassandra Barua, Global PR & Corporate Communications, Greenlight Planet
media@greenlightplanet.com
