- Symbiotics Investments has issued $10 million green bond from Proparco to develop Sun king’s activities in sub-Saharan Africa.
- This investment will support the activities of Sun King, an active solar kit supplier in sub-Saharan Africa.
An emerging market access platform based in Geneva, Switzerland, Symbiotics Investments has issued $10 million green bond from the subsidiary of the French Development Agency (AFD) group, Proparco, to develop Sun king’s activities in sub-Saharan Africa. This investment will support the activities of Sun King, an active solar kit supplier in sub-Saharan Africa.
Proparco’s $10 million investment will help Sun King expand its sub-Saharan African operations. The company distributes and installs solar home systems, lanterns and other solar-powered appliances in rural areas. In a statement, Françoise Lombard, Proparco’s Director General, said, “Together, we will work effectively to increase access to clean energy in Africa. As highlighted at COP27, this remains a top priority for the continent, where 570 million people still live without proper access to electricity,” says
According to the company founders, Patrick Walsh and Anish Thakkar, the solar kits have already replaced 7.3 million paraffin lanterns, avoiding 22.9 million tonnes of CO2 equivalent emissions. By leveraging the pay-as-you-go system in the solar kit segment in Africa, Sun King has already distributed its products to 80 million customers worldwide, mainly in Asia and sub-Saharan Africa.