June 4, 2026 — In a significant milestone for Africa’s sustainable finance landscape, African Frontier Capital (AFC) successfully priced a USD 50 million senior unsecured green bond, fully guaranteed by the Green Guarantee Company. Made possible thanks to the technical assistance received from GGGI through its Global Trust Fund (GTF) program on Sustainable Finance, supported by the Government of the Grand Duchy of Luxembourg, this landmark transaction marks an important step in mobilizing private capital for distributed renewable energy in sub-Saharan Africa. 

The proceeds of the bond will finance and refinance solar assets through an AFC-managed vehicle, supporting d.light’s PayGo consumer finance program. This initiative is set to accelerate the distribution of affordable solar-powered assets to households across sub-Saharan Africa, where over 300 million people still lack access to reliable electricity.  

“This bond demonstrates how institutional capital can be deployed at scale to drive energy access and sustainable development,” said representatives from AFC to Sustainable Fitch “The 100% guarantee provided by the Green Guarantee Company was pivotal in unlocking investor confidence and ensuring the success of this issuance.”  

“Sub-saharan African countries still face pressing energy access challenges”, said GGGI Africa Regional Director, Katerina Syngellakis “This bond shows how innovative financing structures can support solutions for energy access and catalyze sustainable growth through renewable technologies.”   

The Global Green Growth Institute (GGGI), through the GTF on Sustainable Finance, drove the initiative forward by providing the technical expertise to construct the green policy framework. Key partners also played crucial roles in brito reliable to fruition: Standard Chartered (Capital Markets) led to the arrangement of the bond, while Sustainable Fitch confirmed its green credentials through a Second Party Opinion. Additionally, MOBILIST contributed strategic support to ensure the transaction’s scalability. Institutional investors, alongside development of finance institutions and impact investors, participated in the issuance, reinforcing the viability of private capital solutions for distributed renewable energy in emerging markets. 

This initiative highlights the growing role of sustainable finance instruments in addressing investment gaps for climate action and supporting countries in achieving their development and energy transition priorities. 

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About the Global Trust Fund on Sustainable Finance:  

The Global Trust Fund (GTF) on Sustainable Finance Instruments was established in 2023 as a joint effort by the Government of the Grand Duchy of Luxembourg and the Global Green Growth Institute (GGGI) as an innovative approach to mobilize capital markets to close the NDC and SDG financing gap. The project is considered a novel approach to accelerate the adoption of sustainable financial instruments, like thematic bonds, in developing countries. 

About the Global Green Growth Institute (GGGI)  

The Global Green Growth Institute (GGGI) was founded as a treaty-based international, inter-governmental organization in 2012 at the United Nations Conference on Sustainable Development. GGGI supports its Member States in transitioning their economies toward a green growth model that simultaneously achieves poverty reduction, social inclusion, environmental sustainability, and economic growth. With 55 Member States and 30 Partner countries and regional integration organizations in the process of accession, GGGI delivers programs and projects in over 57 countries. These initiatives encompass developing innovative green growth solutions, technical support, capacity building, policy planning & implementation, and assistance in building a pipeline of bankable green investment projects, project financing, investments, and knowledge sharing. GGGI’s work contributes to its Member States’ efforts to fulfill the Sustainable Development Goals and the Nationally Determined Contributions to the Paris Agreement. 

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For more information, visit:  https://gggi.org 

To learn more about the program: 

Fabrice Armel Kamdem Kamga, Sustainable Finance Officers, GGGI Africa 

E-mail: fabrice.kamdem@gggi.org