GREENLIGHT PLANET INCORPORATEDStatus: Completed investment
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Who is our customer
Greenlight Planet, Inc. (active under the brand name SunKing) is one of the leading providers of Off-Grid solar lanterns and home systems in Sub-Saharan Africa, and in addition has a global footprint in direct sales through various partners. The company’s business model in SSA consists of the design, manufacture, distribution, and financing of various solar-powered energy solutions, through a Pay-As-You-Go offering. Customers pay off their system and associated devices through pay plans that vary in length.
What is our funding objective?
The objective of the investment is to allow the company to continue its expansion of its Pay-As-You-Go Business in SSA. The proceeds of the funds will primarily be used to fund the acquisition of inventory and the general scale-up of the business. The facility increase of USD5mln (split 50/50 between AEF and Building Prospects) will come on top of the existing USD10.75mln (in LCY) facility with the company.
Why do we fund this investment?
Greenlight Planet provides clean and green first time energy access to households in areas with unreliable or non-existent grid connection. Increased energy access contributes to productivity of households and economic growth (lighting and charging allows work and study beyond sunset), and helps power small businesses. FMO provides financing in Local Currency, which reduces the risk profile of the company.
What is the Environmental and Social categorization rationale?
Greenlight Planet is a E&S category B project. Activities come with potential limited adverse risks associated with waste management and labour conditions. The following Performance Standards are triggered by the transaction: PS 1 Assessment and Management of Environmental and Social Risks and Impacts, PS 2 Labor and Working Condition, PS 3 Resource Efficiency and Pollution Prevention, PS 4 Community Health, Safety and Security. PS 5 is not triggered as there is no land acquisition (corporate facility). PS 6 is not triggered as no Biodiversity Conservation and Sustainable Management of Living Natural Resources were identified. PS 7 is not triggered because no impacts on local groups qualifying as Indigenous were identified. PS 8 is not triggered as no cultural objects or places were identified.
|Date||Total FMO financing|
|10/15/2021||USD 7.88 MLN|
- Publication date
- Effective date
- End date
- Total FMO financing
- USD 7.88 MLN
- Building Prospects
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)