Dutch development finance institution FMO has said it would provide an additional $ 5 million to Greenlight Planet Inc, a company engaged in providing solar solutions in Africa.
The facility that will be granted in local currency will help the company to further deploy its solar home systems across sub-Saharan Africa.
“Greenlight will provide access to electricity to people at the bottom of the pyramid. Increased access to energy contributes to household productivity, economic growth and powering small businesses,” FMO said.
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The line of credit is in addition to an existing facility of $10.75 million obtained by Greenlight from FMO. It should be noted that the financial institution had participated with several development banks and financing institutions in the mobilization, in 2020, of $90 million, in order to develop the activity of the structure.
The Dutch bank recently granted a €21 million loan to French green energy developer GreenYellow for the construction of a solar power plant in Nagréongo, Burkina Faso.
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Considered one of the largest suppliers of solar-powered home energy products in sub-Saharan Africa and South Asia, Greenlight claims to have supplied solar products to over 60 million rural consumers in more than 65 countries since its inception in 2009.
Greenlight Planet Greenlight Planet
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 write