Sector
Energy
Country
Nigeria, Kenya, Uganda & Tanzania
GGC Guarantee
USD 50 million
Transaction total
USD 50 million
Transaction
GGC provided a USD 50 million guarantee for a green bond to be listed on the International Securities Market of the London Stock Exchange. The guarantee was arranged by Standard Chartered for a mix of UK and US institutional investors including Legal & General, Calvert Impact Capital and Ceniarth.
It was provided to fund a SPV to on-lend to securitisation vehicles set up by African Frontier Capital backed by receivables from distributed solar assets across Sub-Saharan Africa.
The bond benefitted from a Second Party Opinion from Sustainable Fitch, and technical assistance support from the Global Green Growth Institute, through the Global Trust Fund, and the FCDO MOBILIST programme.
Impact
The USD 50 million green bond guarantee supporting AFC’s distributed solar portfolio will initially support d.light’s existing PAYGO receivables securitisation platforms and is expected to expand access to clean energy for around 4.3 million people across Sub-Saharan Africa.
The bond will recycle DFI and MDB capital, supporting the establishment of a replicable private financing solution to scale energy access.
