- Greenlight planet Kenya is set to have access to a $75m line of credit.
- Greenlight will use those funds to expand its SHS deployment in rural Kenya.
The CDC Group, alongside Norfund, Standard Bank and Citi, is set to open a $75 million line of credit for Greenlight Planet Kenya. The credit line will provide local currency financing for solar home systems deployment in Kenya. The CDC group believes that the funding will limit Greenlight Planet’s exposure to exchange rate fluctuations, allowing the company to grow and expand its services. As a result, Greenlight planet plans to increase the rollout of SHS solutions across Kenya.
The devices to be deployed include solar panels, storage batteries and LED light bulbs. Greenlight planet deploys its solar kits under a pay-as-you-go model. According to the CDC Group, “the transaction aligns Greenlight Planet’s financing with its environmental and social impact objectives related to financial inclusion, clean energy, and gender equality, incorporating sustainability performance targets into the facility.” Greenlight Planet has set its sights on providing sustainable energy for 10 million homes globally over the next half-decade. The country says that it has over 60 million rural consumers in 65countries.