Greenlight Is Said to Get $60 Million in Funding Led by Apis

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Greenlight Planet Inc., a U.S. manufacturer of solar-powered lights, has raised $60 million in debt-and- equity funding mainly to expand its off-grid solar financing business in Africa, according to people with knowledge of the matter.

London-based private-equity firm Apis Partners LLP led the funding, the people said, asking not to be identified as the matter is private. Apis was founded by former Abraaj Group Senior Partner Matteo Stefanel and former Deutsche Bank AG Managing Director Udayan Goyal.

Representatives for Greenlight and Apis declined to comment.

Pay-as-you-go solar typically targets populations with unreliable electricity grids or no access at all, such as in sub-Saharan Africa and developing Asia. The industry has piqued the interest of some of the world’s largest energy companies, with France’s Engie SA and Total SA buying stakes in off grid solar developers last year.

Founded in 2009 by three university students, Greenlight has operational hubs in Nairobi and Mumbai, according to its website. The company provides loans enabling customers to buy solar lamps, which it manufactures. Apis focuses on investments in financial-services businesses across Africa and Asia. Source: Bloomberg

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