Off Grid Electric secures 25 million USD for distributed solar in Africa
Tanzania-based solar systems installer Off Grid Electric has raised USD 25 million in what is considered to be the largest venture capital financing round for distributed energy in all of Africa. The fresh funds will help Off Grid Electric in its efforts to power one million households in Tanzania over the next three years, the company said in a press release. The funding round was led by venture capital firm DBL Partners, whose founder and managing partner, Nancy Pfund, will now assume the role of a chairwoman of Off Grid Electric’s board. Other new investors include Western Technology Investment and Helios Investment Partners founder Tope Lawani. Through its solar leasing platform, Off Grid Electric installs solar arrays for more than 10,000 households and businesses each month.