AFRICA – Greenlight Planet Inc, a company engaged in providing solar solutions in Africa is set to secure an additional US$5 million from Dutch development finance institution FMO.
Greenlight Planet will use the finance for the deployment of Greenlight solar home systems in sub-Saharan Africa.
“Greenlight will provide access to electricity to people at the bottom of the pyramid. Increased access to energy contributes to household productivity, economic growth and powering small businesses,” FMO said.
The line of credit is in addition to an existing facility of US$10.75 million obtained by Greenlight from FMO.
It should be noted that the financial institution had participated with several development banks and financing institutions in the mobilization, in 2020, of US$90 million, in order to develop the activity of the structure.
Increased access to energy contributes to household productivity, economic growth and powering small businesses.
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.
Considered one of the largest suppliers of solar-powered home energy products in sub-Saharan Africa and South Asia, Greenlight claims to have supplied solar products to over 60 million rural consumers in more than 65 countries since its inception. in 2009.
The Dutch bank recently granted a €21 million (US$25.57m) loan to French green energy developer GreenYellow for the construction of a solar power plant in Nagréongo, Burkina Faso. You can have a read Here.
This project is the second of four solar power plants that FMO is financing in Burkina Faso. The two partners want long-term collaboration for future projects on the African continent or in other geographies.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE