In September, the company secured $90m in funding from investors including the CDC Group, FMO, and Norfund. The finance is being used to replace unsecured with secured debt, to reduce the interest rate, says Walsh. About $69m of the $90m has been drawn down, and once it is all used, new funds will be needed.
Greenlight will consider raising both debt and equity, says Walsh, who is based in San Francisco. But it’s too early to say how much will be sought.
Read more: The Africa Report