We are proud to announce that PGII made its first investment in the energy access space on behalf of its clients.
Globally over two billion people have scarce access to basic and reliable electricity, reflecting over 400 million households who primarily live in rural areas in Sub-Saharan Africa, South Asia, Southeast Asia and Latin America. These households’ typical current sources of energy (kerosene, wood and coal) are not only expensive but lead to harmful effects on health and the environment.
In response to this challenge, three entrepreneurs founded Greenlight Planet in 2008 to design, manufacture and sell a range of high-quality, affordable, solar light products. Greenlight Planet’s products provide long-lasting electricity, leading to additional productivity for small businesses and study hours for students. Select products do not just provide light, but are also equipped with USB charging capabilities, allowing consumers to avoid the inconvenience and expense of charging stations. Additionally, all products include a comprehensive customer service warranty plan.
PG Impact Investments’ debt investment will support Greenlight Planet’s continued geographic expansion and distribution of solar energy products to low income, rural consumers living off-grid around the developing world.
To this date, Greenlight Planet has successfully reached over 6 million off-grid households across 62 countries, representing more than 27 million consumers. The company is able to reach these customers through its unique distribution network which combines a local direct sales force and close partnerships with key multinationals. Greenlight Planet’s proven ability to deliver a high quality, socially-conscious product to the last mile while generating significant financial return was the key factor in PG Impact Investments’ investment decision.
Patrick Walsh, CEO and co-founder of Greenlight Planet, stated: “Greenlight’s ambition has now expanded far beyond replacing kerosene lamps with solar-powered alternatives. Today, for less than the cost of a single electrical pole, we can provide a solar home system with enough energy to power a complete range of appliances needed by rural consumers. Paired with consumer financing via our pay-as-you-go technology, these systems are challenging not only kerosene, but the old-fashioned electrical grid, too.”
Urs Baumann, CEO and co-founder of PG Impact Investments, stated: “Greenlight Planet is a global leader in delivering honest, affordable energy to the world’s two billion under-electrified consumers. Our investment will support Greenlight Planet’s efforts to replace dirty fuel sources with clean energy in 100 million homes by 2020.”PG Impact Investments, a global impact investment firm, has made its first debt investment in Greenlight Planet (“Greenlight”), a leading global provider of solar powered products. PG Impact Investments’ debt investment will support Greenlight Planet’s continued geographic expansion and distribution of solar energy products to low income, rural consumers living off-grid around the developing world. This investment will allow Greenlight achieve its goal of reaching 100 million customers worldwide by 2020.
About PG Impact Investments
PG Impact Investments was founded in 2015 with the vision that private investment, innovation and entrepreneurial talent can provide solutions to the challenges faced by our society, as well as create sustainable growth. PG Impact Investments is a private sector, mission-driven, global investment firm specializing in investment solutions aimed at delivering financial returns as well as creating a positive social and/or environmental impact. It manages investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges. All profits from the business activities of PG Impact Investments are transferred to PG Impact Investments Foundation. The Foundation supports social initiatives and social businesses ventures that otherwise would not receive funding through commercial investors or investment funds. Whilst being independent from Partners Group, PG Impact Investments entities are backed by Partners Group and its employees, and benefit from the global infrastructure, investment know-how and specialist resources of this leading global private markets investment manager. www.pg-impact.com
About Greenlight Planet
Greenlight Planet is on a mission to deliver high quality, affordable energy solutions to the world’s two billion under-electrified consumers. Founded in 2008, the Greenlight Planet team maintains an ongoing dedication to replacing dirty fuel sources prevalent in geographies such as Africa and India with smart, bright solar energy solutions. Greenlight Planet is empowering off-grid and rural families with clean and green energy solutions, hence catalyzing transformation towards better life. Through its offices in four countries and direct to village sales force, Greenlight has sold over 7.5 million lamps since inception. www.greenlightplanet.com
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