Greenlight Planet raises Rs 34 Cr in debt-financing from OPIC
Solar energy solutions provider and distributor, Greenlight Planet, has raised about Rs 34 crore ($5 million) in debt financing from Overseas Private Investment Corporation (OPIC), the development finance institution backed by the US government. The latest round comes about a year after the US-based company raised $10 million in equity financing in a Series B round led by private equity firm Fidelity Growth Partners India, now rebranded as Eight Roads Ventures, in February last year. Greenlight Planet has also raised seed funding from Prabhat Sinha, a co-founder of ZS Associates, followed by a Series A funding led by Luxembourg-based private equity firm, Bamboo Finance. Proceeds from the long-term debt financing will be used by the nine year-old company, which was established by a team of student engineers at the University of Illinois, Urbana-Champaign, to expand its distribution capacity and channels in India and the African continent, as well as to further develop and roll out Easy Buy, its pay-as-you-go platform that enables customers to purchase solar products over a staggered instalment scheme.