December 5 (Renewables Now) - Off-grid solar products provider Greenlight Planet Inc has raised USD 60 million (EUR 51m) in equity and debt from a group of investors led by London-based private equity fund manager Apis Partners LLP.
Greenlight Planet offers solar home systems and financing to off-grid communities in 62 countries, relying on the direct-to-consumer, pay-as-you-go (PAYG) model. Its line of Sun King solar-powered products includes lighting, home energy systems, phone chargers, radios, fans, and soon-to-be-released TVs.
To date, the company, with offices in Africa and India, has sold nearly 600,000 solar home systems through a network of more than 1,000 distributors. It has been profitable in each of the last 10 financial quarters, which, it says, makes the business unique in the off-grid sector.
The company plans to use the fresh funds to grow its product line, distribution networks and financing capabilities in Africa and Asia.
Apart from the Apis Growth Fund I, other investors in the funding round include existing shareholders Eight Roads Ventures and Bamboo Capital Partners, as well as debt investors Deutsche Bank, Global Partnerships, SunFunder, PG Impact Investments, responsAbility and SIMA Funds.
(USD 1.0 = EUR 0.845)