“Symbiotics launched two Green Bonds of USD 17 million in Africa with Sun King” – Symbiotics – June 21, 2022

In a press release distributed on June 21, 2022 Symbiotics reported that it has “ arranged two Green Bonds for a total of USD 17 million for Sun King (former Greenlight Planet INC), one of the largest solar companies in Africa and Asia, to deliver off-grid energy technologies to households across the two continents.

With the issuance of these Green Bonds, Sun King showcases its ability to align with the accepted International Capital Market Association Green Bond Principles or Sustainability Bond Guidelines (ICMA GBP), increasing the attraction of international financiers.

The green projects that will be financed  belong to the renewable energy category, in particular solar kits.

‘With the issuance of these Green Bonds, we are excited to contribute to the transformation of the clean energy sector and to continue supporting African and Asian households in the fight against climate change,’ said Duncan Frayne, Symbiotics Regional Director for Sub-Saharan Africa Markets.

The issuance of these Green Bonds are a testament of Sun King’s successful journey towards delivering sustainable and affordable energy solutions for underserved communities. We thank Symbiotics and all the investors for their critical contribution towards a global transformation in the way we provide electricity to consumers,” stated Krishna Swaroop, Sun King Global Chief Financial Officer.

These Green Bonds are issued via Symbiotics sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainable Bond Framework, which was certified in December 2019 and November 2021 by DNV GL.  The bond is listed on the Securities Official List of the Luxembourg Stock Exchange and displayed on the Luxembourg Green Exchange, in the Green Bond section.”

The following SDGs 3, 7, 8, 9, 11 and 12 are promoted with these bonds.

You may read the press release on the news page of the Symbiotics internet site.


“Mirova acquires private debt EM climate specialist SunFunder– Investment Week – June 20, 2022

On June 20, 2022 Investment Week reported that “London-based sustainability manager Mirova has acquired private debt emerging market climate investor SunFunder, for an undisclosed amount, in a move that aims to strengthen its debt financing capabilities and emerging market reach.

The Natixis Investment Managers affiliate acquired 100% of the equity of SunFunder on 3 June and absorbed its 38-strong team, which will be retained in its entirety to build out an emerging markets platform focused on clean energy and climate investment.

SunFunder has been financing renewable energy programmes in Africa and Asia for over 10 years, beginning with decentralised solar in Africa, and has since deployed $165m in investment across 58 companies, such as in off-grid solar systems for homes in Malawi, mini-grids in Kenya, and commercial and industrial roof installations in Nigeria and Thailand.

The two entities plan to launch a solar energy debt financing fund, worth up to $500m and covering 70 projects across Africa, Asia and Latin America. The first closing is expected by the end of the year.”

You may read the article on the Investment Week internet site.