PAYG solar co Greenlight Planet raises USD 90m for expansion

Off-grid solar products provider Greenlight Planet Inc on Tuesday said it is set to expand its pay-as-you-go (PAYG) solar consumer financing business and consolidate its debt portfolio after raising USD 90 million (EUR 76.9m) in new financing.

Development finance institutions including UK's CDC Group, Dutch FMO and Norway's Norfund contributed to the equity and debt funding round. In addition, impact investors ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships and private equity firm ARCH Emerging Markets Partners’ Africa Renewable Power Fund also backed Greenlight Planet.

The company has received USD 69 million of the committed funding, while the rest will be drawn down as Greenlight Planet supplies more African homes with solar-power home energy systems.

Greenlight Planet offers solar home systems and financing to off-grid communities in 62 countries. Its line of Sun King solar-powered products includes lighting, home energy systems, phone chargers, radios, fans, and TVs complete with panels to power them.

(USD 1.0 = EUR 0.854)

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