- Proparco, the subsidiary of the French Development Agency (AFD) group, is subscribing to a $10 million green bond issued by Symbiotics Investments.
- This investment supports the activities of Sun King, a solar kit supplier active in sub-Saharan Africa.
The solar kit provider, Sun King, is getting $10 million to develop its activities in sub-Saharan Africa. Sun King is being financed by a unit of the French Development Agency (AFD) group through the sale of a green bond through Symbiotics Investments, a Geneva, Switzerland-based platform for emerging market entry.
The bond was issued using the Symbiotics MSME Bonds platform, which has already made it possible to give 309 impact bonds worth $2.67 billion, including 33 sustainable bonds through the Green Bond Programme for a combined $329 million.
With a $10 million investment from Proparco, Sun King will be able to grow its business in sub-Saharan Africa. The Chicago-based company sells and sets up solar home systems, lamps, and other solar-powered equipment in rural areas.
Sun King has now reached 80 million clients worldwide, primarily in Asia and sub-Saharan Africa, by utilizing the pay-as-you-go approach in the solar kit category in Africa. The business Patrick Walsh and Anish Thakkar co-founded claims that its solar kits have already replaced 7.3 million paraffin lanterns, preventing the emission of 22.9 million tonnes of CO2 equivalent.