NEWS

Symbiotics Investment has arranged a $10 million Green Bond for Proparco to on-lend to Greenlight Planet for their off-grid solar systems sales in Sub-Sahara Africa.

The Bond has been issued by the MSME Bonds SA Platform. Greenlight Planet, now officially known as Sun King, provides access to renewable energy through their off-grid solar lanterns and solar home systems.

Krishna Swaroop, Sun King Global Chief Financial Officer, thanked Symbiotics Investment and Proparco for their contribution towards a global transformation in the way the for-profit social business can provide clean energy services to investors.

“This Green Bond arranged by Symbiotics Investments will extend affordable off-grid solar financing to underserved communities across Sub-Saharan Africa, helping them to electrify their homes and turn off the kerosene lamps,” said Swaroop.

Sun King offers PayGo credit facilities to unbanked and low-income populations, providing access to credit facilities to around 2.67 people. So far it has helped to replace 7.3 million kerosene lanterns and prevented 22.9 million tons of CO2 being emitted.

Off-grid solar access expanding Africa’s electrification

The MSME Bonds SA platform helps reduce costs and provides access to a wide range of institutional investors. Since its inception it has issued 309 impact bonds to total $2.67 billion. This includes 33 sustainable bonds through the Green Pass-Through Notes Issuance Programme.

Yvan Renaud Symbiotics CEO welcome the first Green Bond they have structured for Proparco. “Proparco’s investment in this bond is a great encouragement for us to pursue with our engagement to offer sound green bond opportunities to institutional and private investors,” said Renaud.

Françoise Lombard,  Proparco CEO said the project echoes their ambitions and is in line with their strategic priorities and climate mandate: “Overall, we collectively need to increase our commitments in emerging markets to ensure access to affordable, reliable, sustainable and modern energy for all by 2030.  

“Together, we can work effectively towards providing an enhanced access to clean energy in Africa. As emphasized during COP27, it remains a top priority for the continent, where 570 million of people still live without proper access to electricity,” said Lombard.