CDC makes joint financing to Greenlight Planet’s solar business
CDC Group, the UK’s development finance institution, has announced a joint commitment of $90 million in partnership with investors to Greenlight Planet, a provider of solar-powered home energy products in sub-Saharan Africa and South Asia.
The new funding will enable Greenlight Planet to expand its Pay-As-You-Go (PAYG) solar consumer finance business.
CDC is invested in the solar energy provider alongside Dutch development bank FMO and Norway's Norfund, in addition to impact investors ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships, and private equity firm ARCH Emerging Markets Partners’ Africa Renewable Power Fund.
Of the total investment, $69 million has been disbursed to Greenlight Planet, 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.
Under its Sun King brand, Greenlight Planet operates the largest direct-to-consumer PAYG solar distribution and service network in the world, having delivered over 1.3 million PAYG solar products to date in Kenya, Tanzania, Uganda and Nigeria.
