Greenlight Planet Inc., a provider of off-grid solar products and solar financing for underserved populations around the world, raised $60m in debt and equity funding.
The round was led by Apis Partners, with participation from Eight Roads Ventures and Bamboo Capital Partners. Debt investments included new disbursements from Deutsche Bank and Global Partnerships, as well as from SunFunder, PG Impact Investments, responsAbility and SIMA Funds.
The company intends to use the funds to expand its solar-energy product lines, distribution networks, and financing capabilities in Africa and Asia.
Led by Patrick Walsh, Co-Founder & CEO, and Anish Thakkar, Co-Founder, Greenlight Planet operates Sun King™, a line of solar-powered products, now used by nearly 30 million consumers in 62 countries, includes lighting, home energy systems, phone chargers, radios, fans, and soon-to-be-released televisions.
The company has sold nearly 600,000 to date, now at a rate of over 1,000 solar home systems per day. It partners with a network of more than 100 distributors, including retailers, NGOs, and over 40 micro-finance institutions, to provide sales and service for off-grid communities in 62 countries.
Greenlight Planet operates out of 11 offices in 8 countries, across Africa and in India, including 800 employees, and more than 2,400 direct-sales agents.