Symbiotics launches $15m green bond for Greenlight Planet
Symbiotics, a market access platform for impact investing, has arranged a $15 million green bond for Greenlight Planet Inc.
This represents a landmark transaction for the 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.
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, catalysing 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.
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.
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