NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Symbiotics Investments arranged a USD 10 million Green Bond for Proparco. The proceeds will be on-lent to GreenLight Planet “GLP”, one of the leading Solar-Home System actors in Sub-Saharan Africa, to support its activity in providing access to energy for off-grid customers in underserved African markets. The Bond has been issued by the innovative MSME Bonds SA platform.

GLP provides access to renewable energy and mitigates CO2 emissions by replacing kerosene lamps and diesel generators with off grid solar lanterns and solar home systems (e.g. bulbs, radio, fans, TV, etc.). So far, 7.3 million kerosene lanterns have been replaced and 22.9 million tons of CO2 have been prevented. This project will help avoiding 102,976 tCO2/year. Thanks to the PayGo credit facilities offered by GLP to the unbanked and low-income population, the project will also favor financial inclusion, giving access to PayGo credit facilities to 2.67 million people.

Since 2020, Symbiotics Investments has been offering to its investees the possibility of issuing green, social and sustainability bonds via its MSME Bonds SA platform, 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 2.67 billion, including 33 sustainable bonds through the Green Pass-Through Notes Issuance Programme, for a total amount of USD 329 million.

Photo courtesy of andreas160578.