Off Grid Elec­tric se­cures 25 mil­lion USD for dis­trib­uted so­lar in Africa

Power Watch India - - DESPATCHES FINANCE -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.