GREENLIGHT-PLANET-INC
22.9.2020 15:02:45 CEST | Business Wire | Press release
Greenlight Planet Inc., the largest provider of solar-powered home energy products in sub-Saharan Africa and South Asia, has secured $90 million in new funding to expand its Pay-As-You-Go (PAYG) solar consumer financing business and consolidate its debt portfolio. Akira Partners and Orrick Herrington & Sutcliffe advised Greenlight Planet.
Under its Sun King brand, Greenlight Planet operates the largest direct-to-consumer PAYG solar distribution and service network in the world, having delivered over 1.3 million PAYG solar products to date in Kenya, Tanzania, Uganda, and Nigeria, expanding at a rate of over 65,000 new rooftop solar installations per month. The company employs 1,250 full-time staff worldwide, and over 5,500 sales agents, 30% of whom are women, across areas of sub-Saharan Africa suffering from high levels of unemployment.
The new debt and equity investments were provided by European development finance institutions CDC Group, FMO, and Norfund, along with impact investors ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships, and private equity firm ARCH Emerging Markets Partners’ Africa Renewable Power Fund. Of the total $90 million in committed funding, $69 million has been disbursed to the company, with the balance to be drawn down as the company delivers additional solar-powered home energy systems, with end-consumer financing, to homes in Africa.
Sun King solar products include home lighting, mobile phone chargers, radios, televisions, and fans, as well as the solar panels and batteries to power these appliances. During the global COVID-19 pandemic, such solar-powered home energy systems have proven all the more essential to families spending more time at home. Families depend on Sun King energy access and appliances for light, communication, entertainment, and access to news and information.
Greenlight Planet’s Sun King solar-powered home energy systems have a profound social impact for off-grid families around the world. Sixty million individuals across 65 countries have used them to access clean, renewable energy. This access to energy increases the time children spend studying, increases productivity for small businesses, and reduces spending on old-fashioned energy products. Sun King products have saved over $3.4 billion on fossil-fuel-based energy costs, reducing global greenhouse gas emissions by more than 14 million metric tons.
T. Patrick Walsh, Co-founder and CEO of Greenlight Planet added, “Greenlight Planet’s goal is to bring affordable, clean energy to every under-electrified household that needs it. After a decade of honing our solar technology and our solar distribution, installation, and service strategy, we are now jumping the last hurdle to solve this global challenge, that being financial inclusion. We are expanding access to consumer financing, making basic solar power available to all people, at a cost as low as $0.15 per day. We are delighted to work with CDC, Norfund, FMO, ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships and ARCH to expand access to finance and access to energy.”
Geoffrey Manley, Director and Head of Energy Access and Efficiency at CDC Group added, “Our financing of Greenlight Planet provides our team with a great opportunity to support a company that is creating jobs and taking meaningful strides to fight climate change. We’re thrilled that our commitment promotes the UN’s Sustainable Development Goals, helping to facilitate economic development across the African continent.”
William Barry, Managing Director at ARCH Africa Renewable Power Fund (ARPF) added, “ARCH ARPF is delighted to support Greenlight Planet’s continued growth as it delivers on its mandate to expand energy access across sub-Saharan Africa. Greenlight's global market leadership in the off-grid solar sector positions the company strongly within ARPF’s expanding off-grid renewable energy portfolio, complementing our existing utility-scale, independent-power-producer development pipeline.”
About Greenlight Planet
Greenlight Planet is a social-mission, for-profit business that since 2009 has sold over 13 million of its Sun King solar home energy products to off-grid customers in sub-Saharan Africa and South Asia. The company reaches customers through its direct-to-consumer distribution and financing network, as well as wholesale partnerships with over 300 commercial and non-profit last-mile distributors, ranging from mobile network operators, to microfinance institutions, to oil and gas companies, to NGOs. Greenlight Planet’s Sun King products are currently installed in over 65 countries and have served 60 million people.
Find out more at https://www.greenlightplanet.com .
About the Off-Grid Solar Industry:
Relevant (unaffiliated) aggregators of industry information include the Global Off-Grid Lighting Association and Lighting Global (a platform of the World Bank Group, to support sustainable growth of the international off-grid solar market)
www.gogla.org
www.lightingglobal.org
View source version on businesswire.com: https://www.businesswire.com/news/home/20200922005395/en/
Link:
Social Media:
https://www.facebook.com/SunKingIndia/?brand_redir=106681909393159
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Sharjah Advocates More Dominant Role for Women in Technology under 2050 Roadmap24.9.2026 18:38:00 CEST | Press release
As artificial intelligence reshapes global economies, the UAE is placing women at the heart of its global ambitions positioning them not only as participants, but as key contributors to the AI future. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260924186173/en/ Women leaders and technology experts during a session at the Women in Technology 2026 Forum in Sharjah (Photo: AETOSWire) The message was echoed by Her Highness Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Research, Technology and Innovation Park (SPARK), who urged women to move beyond participation in technology to playing a leading role in shaping the future. Addressing the seventh edition of the Women in Technology 2026 Forum, hosted by SPARK on the theme “The 2050 Mindset,” HH Sheikha Bodour said: “2050 may seem far away, but it is being shaped by the decisions we make, the research we fund and the technologies we develop today. Women must t
MultiBank Group Founder and Chairman Naser Taher Named Financial Leader of the Year at Gulf Business Awards 202624.9.2026 17:39:00 CEST | Press release
Recognition highlights Taher’s leadership in building MultiBank Group into a global financial institution Naser Taher, Founder and Chairman of MultiBank Group, one of the world’s largest financial derivatives institutions, was named Financial Leader of the Year at the Gulf Business Awards 2026. Presented during a ceremony held on 23 September at The Ritz-Carlton JBR, Dubai, the award was part of the Editor’s Choice category. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260924454616/en/ Naser Taher, Founder and Chairman of MultiBank Group, one of the world’s largest financial derivatives institutions, was named Financial Leader of the Year at the Gulf Business Awards 2026 The recognition comes after Taher lead the expansion of MultiBank Group for more than two decades, from its founding in 2005 to a financial institution serving more than four million clients across 100 countries today. Under his leadership, the Group has b
Multiple Industry Honors Reinforce CSG/Netcracker Leadership in Customer Journey Orchestration and AI Innovation24.9.2026 17:05:00 CEST | Press release
Customer engagement platform recognized for ability to orchestrate connected, AI-driven customer experiences The next phase of customer experience hinges on how well brands turn customer data into relevant communications, real-time action, and responsible, proven AI use. CSG® and Netcracker Technology today announced that CSG has been named a Leader in The Forrester Wave™: Customer Journey Orchestration Platforms, Q3 2026, with the highest possible scores in 19 of 23 Forrester Wave™ criteria. CSG Xponent, a best-in-class customer engagement platform, helps brands land timelier, more relevant communications that drive customer action, secure loyalty, and bolster measurable business results. The Forrester Wave™: Customer Journey Orchestration Platforms states that, “CSG earns superior scores across the core journey intelligence and orchestration capabilities that define this market. Its excellent journey simulation, predictive intelligence, and decisioning capabilities help organizations
VasionⓇ Enhances Global Partner Program to Accelerate AI-Powered Automation24.9.2026 16:05:00 CEST | Press release
A refreshed rewards structure, new Partner Academy, and rebuilt partner portal give partners a clearer path to sell and support agentic print and document workflows. VasionⓇ, the Intelligent Print Automation platform trusted by more than 14,000 organizations worldwide, today unveiled a comprehensive refresh of its Global Partner Program. The program delivers the resources partners expect from Vasion: always-on incentives, structured onboarding, elevated enablement, and a rebuilt portal experience, all engineered to help partners scale, compete, and deliver stronger customer outcomes as agentic AI reshapes how enterprises automate work. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260924791639/en/ Agentic print and document workflow environments remain an overlooked channel opportunity, as enterprises race toward agentic automation. IDC forecasts that by 2026, 40% of all Global 2000 job roles will involve working with AI ag
The Only AI Crypto Lead Prioritization Solution Built With Law Enforcement, for Law Enforcement: Elliptic Launches Pulse24.9.2026 15:15:00 CEST | Press release
Pulse delivers actionable leads in seconds, no crypto expertise required, enabling decisions in the field Elliptic, the global leader in on-chain risk, today launched Pulse. Pulse puts crypto lead prioritization directly in the hands of every frontline law enforcement and government officer. Crypto now touches every part of law enforcement, from the patrol officer on the street to the detective assigned to investigate the case. Pulse gives each of them a quick, accurate financial summary and a starting point: whether that's a crypto address on a suspect's phone, in a scam ATM victim's receipt, uncovered during a vehicle or pocket search, or found at the scene of an overdose, an arrest, or a seizure. An officer can input anything that looks like a wallet address or transaction hash. Pulse identifies it, reasons over the result, and returns a summary in plain language, enough for the officer to decide on the spot whether the case needs escalation. If a case needs further investigation, o
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom