AFRICA – Greenlight Planet, operating under the brand name SunKing, has received US$5.38 million investment from Dutch development financer FMO.
Greenlight Planet, 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 Sub-Saharan Africa 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.
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.
Greenlight Planet is a for-profit social business that designs, distributes, and finances solar home energy with an under-served population in mind: the 1.3 billion global consumers for whom the old-fashioned electrical grid is unavailable or too expensive.
Since its founding in 2009, the company has become a leading global provider of solar-energy products to over 27 million rural consumers in more than 60 countries.
From its wide range of trusted Sun King solar lamps and home energy systems, to its innovative distribution partnerships, to its flexible EasyBuy pay-as-you-go financing model, Greenlight Planet continuously strives to meet the evolving needs of the off-grid market.
Greenlight Planet has 11 offices in countries throughout Africa and India, and over 800 employees around the world. Its team of more than 2,400 sales agents keeps the company directly in touch with rural consumers’ needs.
Greenlight works with a vast international network of distribution partners, from large micro-finance institutions to local micro-entrepreneurs, expanding the reach of solar energy products.
With over ten years of experience, Greenlight Planet is determined to continue setting the gold standard for performance and design, while powering human potential.