Proparco, a subsidiary ofAgence Française de Développement (AFD), is subscribing to a $10 million green bond to finance Sun King 's activities in sub-Saharan Africa (distribution and installation of solar home systems, solar lanterns and other appliances powered exclusively by solar energy).
The green bond was issued by Swiss investment company Symbiotics, which managed the financing via a platform specializing in green bonds, fast-growing products that are part of the financialization of sustainable development.
"Together, we will work effectively to improve access to clean energy in Africa. As emphasized at COP27, this remains an absolute priority for the continent, where 570 million people still live without proper access to electricity", says Françoise Lombard, Proparco's Managing Director.
Sun King has already distributed its products to 80 million customers worldwide, mainly in Asia and sub-Saharan Africa. Its solar kits have already replaced 7.3 million kerosene lanterns, avoiding the emission of 22.9 million tonnes of CO2 equivalent.
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