Greenlight Planet, a provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its Pay-As-You-Go (PAYG) solar consumer financing business and consolidate its debt portfolio.
“Greenlight Planet’s goal is to bring affordable, clean energy to every under-electrified household that needs it. After a decade of honing our solar technology and our solar distribution, installation, and service strategy, we are now jumping the last hurdle to solve this global challenge, that being financial inclusion. We are expanding access to consumer financing, making basic solar power available to all people, at a cost as low as $0.15 per day. We are delighted to work with CDC, Norfund, FMO, ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships and ARCH to expand access to finance and access to energy,” T. Patrick Walsh, Co-founder and CEO of Greenlight Planet said.
Here Is What You Need To Know
- The new debt and equity investments were provided by European development finance institutions CDC Group, FMO, and Norfund, along with impact investors ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships, and private equity firm ARCH Emerging Markets Partners’ Africa Renewable Power Fund.
- Of the total $90 million in committed funding, $69 million has been disbursed to the company, with the balance to be drawn down as the company delivers additional solar-powered home energy systems, with end-consumer financing, to homes in Africa.
Why The Investors Invested
“Our financing of Greenlight Planet provides our team with a great opportunity to support a company that is creating jobs and taking meaningful strides to fight climate change. We’re thrilled that our commitment promotes the UN’s Sustainable Development Goals, helping to facilitate economic development across the African continent,” Geoffrey Manley, Director and Head of Energy Access and Efficiency at CDC Groupsaid.
“ARCH ARPF is delighted to support Greenlight Planet’s continued growth as it delivers on its mandate to expand energy access across sub-Saharan Africa. Greenlight’s global market leadership in the off-grid solar sector positions the company strongly within ARPF’s expanding off-grid renewable energy portfolio, complementing our existing utility-scale, independent-power-producer development pipeline,” William Barry, Managing Director at ARCH Africa Renewable Power Fund (ARPF) said.
Read also: Three African Startups Secure $30k From US VC Aptive Capital
A Look At What Greenlight Planet Does
Founded in 2009, Greenlight Planet has sold over 13 million of its Sun King solar home energy products to off-grid customers in sub-Saharan Africa and South Asia. The company reaches customers through its direct-to-consumer distribution and financing network, as well as wholesale partnerships with over 300 commercial and non-profit last-mile distributors, ranging from mobile network operators, to microfinance institutions, to oil and gas companies, to NGOs. Greenlight Planet’s Sun King products are currently installed in over 65 countries and have served 60 million people, including in Kenya, Tanzania, Uganda, and Nigeria.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer