This archive report was first published on 26 October 2021.
On October 26, 2021, a significant partnership was announced between Standard Bank Group, Citi, CDC Group, and Norfund to provide a USD 75 million sustainable finance facility to Greenlight Planet Kenya, a leading provider of off-grid solar home solutions.
The facility will enable Greenlight Planet to expand its reach to off-grid communities across Kenya and support its ambitious goal of reaching an additional 10 million households within the next five years.
As the sole coordinator on the transaction, Citi played a crucial role in facilitating the deal, while Standard Bank acted as Sustainability Coordinator and executed the FX conversion to minimize Greenlight Planet's exposure to currency exchange fluctuations.
The Kenya Shilling-denominated loan will allow Greenlight Planet to focus on growth without worrying about currency exchange risks.
Existing investors CDC Group and Norfund participated in the deal, with Dentons serving as the lender's legal counsel and Power Africa providing legal support and advice.
Greenlight Planet Kenya is a subsidiary of Greenlight Planet Inc, a leading designer, distributor, and financier of rooftop solar home systems for off-grid and weak-grid homes. With a network of 200 branches and 8,000 field agents, Greenlight Planet sells its Sun King-branded solar energy systems directly to its off-grid residential clients and provides 'pay-as-you-go' financing to facilitate their purchase.
