France’s Proparco Invests $10 Million in Sun King’s Solar Kit Business in Africa

Proparco, a division of the French Development Agency (AFD) group, invested in a $10 million green bond that will be lent to Sun King, an African solar kit retailer.

The Swiss impact investor Symbiotics Group, through its MSMR Bonds platform, issuing the green bond. A total of 309 bonds worth $2.67 billion have already been issued thanks to this platform.

The current investment will help Sun King expand its operations throughout Africa. Solar home systems (SHS), solar lanterns, and other solar-powered kits are distributed and installed by the Chicago-based business.

By utilising a pay-as-you-go mechanism, Sun King has now given 80 million of its solar kits to clients worldwide. The company claims that 7.3 million kerosene lights in Africa have already been replaced with solar kits, saving 22.9 million tonnes of carbon dioxide emissions.

According to Krishna Swaroop, the global chief financial officer of Sun King, the green bond will provide underserved rural communities in Africa with accessible off-grid solar financing, enabling them to electrify their homes and stop using kerosene lamps.

According to Proparco’s Director-General, Françoise Lombard, the partners will effectively collaborate to expand access to clean energy across Africa. To guarantee that everyone has access to affordable, dependable, and sustainable energy by 2030, they must boost their commitments in emerging areas. This investment is completely in line with Proparco’s strategic goals and climate-related mandate.

“Symbiotics has been an early advocate of access to renewable energy and a historical partner to GreenLight Planet,” said Yvan Renaud, CEO of Symbiotics Investments (now Sun King). Our commitment to providing reputable green bond possibilities to institutional and private investors is greatly encouraged by the investment in this bond.