Orrick advised Greenlight Planet, the largest provider of solar-powered home energy products in sub-Saharan Africa and South Asia emerging markets, on a $90 million mixed debt and equity funding. This financing allows Greenlight to greatly expand its pay-as-you-go financing business and consolidate some of its existing debt, which helps make its products more affordable.
The investments were provided by European development finance institutions, including CDC Group plc, the Netherlands Development Finance Corporation (FMO) and Norfund, along with impact investors ResponsAbility, SIMA Funds, Symbiotics and Global Partnerships as well as private equity firm ARCH Emerging Markets Partners’ Africa Renewable Power Fund.
Under its Sun King brand, Greenlight Planet offers solar products such as home lighting, mobile phone chargers, radios, televisions and fans, in addition to solar panels and batteries that power appliances. Amidst the COVID-19 pandemic, solar-powered home energy systems have proven critical, as families depend on Sun King energy for light, communication and entertainment.
This was a meaningful transaction that also showcases the strength and synergies between Orrick’s impact finance and investment and renewable energy capabilities.