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SUNKING
Leading global energy access solution provider
TECHNOLOGY AND BUSINESS MODEL
Provider of energy access solutions including off-grid solar systems and cookstoves
COUNTRIES OF OPERATION
Direct B2C operations in nine countries and B2B partnerships in 30 countries across Africa and Asia. Key markets: Nigeria, Kenya, and Tanzania
E&S RISK CLASSIFICATION
B - Medium Risk
SPARK+ INVESTMENT
$6.5 million senior unsecured loan
USE OF PROCEEDS
Financing to grow its clean cooking business segment, including as a result of its acquisition of PayGo Energy, an innovator in pay-as-you-go LPG solutions.
WEBSITE
Greenlight Planet Inc. d/b/a Sunking is a global leader in off-grid energy with operations concentrated in Kenya, Nigeria and Tanzania, selling mainly on PAYG terms through a direct B2C network of ~344 branches and 24,000+ agents, complemented by B2B partnerships in 30 countries. The company designs its own solar products, manufactures through contract partners in China, and increasingly localizes assembly in Africa. In 2023, Greenlight acquired Paygo Energy, adding an IoT LPG smart-meter business and piloting LPG with a marketer partnership in Kenya.
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Spark+ funds will finance inventory and working capital for solar kits and clean-cooking appliances in Sub-Saharan Africa and support growth of less-mature affiliates, including the Paygo Energy LPG business.
