Improving access to clean energies in Africa

Since 2020, Symbiotics has been offering its investors the possibility of issuing green, social and sustainability bonds via its MSME Bonds SA platform, thereby reducing costs and providing access to a wider range of institutional investors. Since its inception, the MSME Bonds platform has issued 309 impact bonds for a total amount of USD 2.67bn, including 33 sustainable bonds through the Green Pass-Through Notes Issuance Program for a total amount of USD 329m.

The project involves a subscription to a USD 10m green bond issued by Symbiotics via its MSME Bonds SA platform. This bond is financing a senior mirror loan to Greenlight Planet (GLP), a supplier of Solar Home Systems (SHS) in Sub-Saharan Africa. This loan is 100% secured by receivables from the subsidiaries of Orange Africa which markets GLP products. 

Greenlight Planet (GLP) has been operating in the sector of access to energy since 2006 and has recently become the leading player with total assets of USD 307m and 2,513 employees. GLP supplies individual solar panel kits and small household appliances in Sub-Saharan Africa (in particular in Kenya, Nigeria and Tanzania), mainly through Pay-As-You-Go (leasing).

The project should support 32,773 jobs over the next 5 years, including 2,513 job creations, and provide access to reliable and low-carbon electricity through Solar Home Systems for over 2.6 million beneficiaries. By avoiding over 100k tCO2eq a year throughout the life span of the project, the project will contribute to the fight against climate change. 

The project will contribute to SDGs 7 (“Affordable and clean energy”), 8 (“Decent work and economic growth”), 9 (“Industry, innovation and infrastructure”) and 13 (“Climate action”).