Symbiotics Investments, a leading market access platform for impact investing, has arranged a US$10mn green bond for Proparco to be on-lent to Sun King (previously GreenLight Planet), one of the leading solar-home system actors in sub-Saharan Africa
Sun King provides access to renewable energy and mitigates CO2 emissions by replacing kerosene lamps and diesel generators with off-grid solar lanterns and solar home systems. So far, 7.3 million kerosene lanterns have been replaced and 22.9 million tons of CO2 have been prevented. Thanks to the PayGo credit facilities offered by Sun King to the unbanked and low-income population, the project will also favour financial inclusion, giving access to PayGo credit facilities to 2.67 million people.
“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 own homes and turn off the kerosene lamps. We thank Symbiotics Investments and Proparco for their critical contribution towards a global transformation in the way we provide clean energy services to consumers,” stated Krishna Swaroop, Sun King global chief financial officer.
Yvan Renaud, CEO of Symbiotics Investments, commented, “Symbiotics has been an early supporter of access to clean energy and a historical partner to GreenLight Planet. 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.”
Françoise Lombard, CEO of Proparco, added, “We are pleased to strengthen our partnership with recognised players… Together, we can work effectively towards providing an enhanced access to clean energy in Africa. As emphasised during COP27, it remains a top priority for the continent, where 570 million people still live without proper access to electricity. 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. This project echoes well our ambitions with regards to this objective and is fully in line with Proparco’s strategic priorities and climate mandate.”
