GREENLIGHT PLANET INCORPORATED
Who is our client
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.
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.
Why we fund this project
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.
Environmental and social rationale
Greenlight Planet is a E&S category B project. Activities come with potential limited adverse risks associated with waste management and labour conditions.
|Date||Total FMO financing|
|12/20/2019||USD 5.38 MLN|
- Signing date
- Total FMO financing
- USD 5.38 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)