Long-time SunFunder partner and leading off-grid solar company Greenlight Planet announced this week it had raised $60 million, which included our fourth loan together. The round of equity and debt financing was led by London-based private equity fund manager Apis Partners.
Ryan Levinson, Founder & CEO of SunFunder, commented:
“Our first loan to GLP was in 2014 and we are delighted to continue growing our relationship with a great business that is truly scaling its impact.”
As part of the announcement, Greenlight disclosed that it has been profitable in each of the last 10 financial quarters. Having reached 5.5 million households primarily through sales of pico-solar lanterns, the company has rapidly become a leading pay-as-you-go solar home system business, selling nearly 600,000 units to date. Customers pay as little as $0.25 per day through mobile money until after six to eight months they own the solar product outright.
Patrick Walsh, Co-Founder & CEO of Greenlight Planet, said:
“Today, for less than the cost of a single electrical pole, we can provide a solar home system with enough energy to power a complete range of appliances needed by rural consumers.”
Led by Apis Growth Fund I, Greenlight Planet raised $60 million, including equity and debt. Existing shareholders Eight Roads Ventures and Bamboo Capital Partners participated. The debt investors alongside SunFunder were Deutsche Bank, Global Partnerships, PG Impact Investments, responsAbility and SIMA Funds.