REPP invests US$1.1m in market-leading PAYG solar company in West Africa
A REPP-supported pay-as-you-go solar company in West Africa announced today that it has raised US$25m in a Series C funding round, bringing its total funding to date to US$50m.
REPP provided US$1.1m in equity financing to PEG Africa during the round, matched by integrated energy company Total Energy Ventures, with further commitments from existing shareholders. The remaining US$20m has been provided in the form of debt, with UK-owned development finance institution CDC Group investing US$15m.
The money now establishes PEG Africa as market leader in the region, and will enable hundreds of thousands of people living with poor or no access to electricity to receive clean energy access for the first time.
To date, PEG Africa had reached 60,000 homes and businesses in Ghana, Cote d’Ivoire and Senegal, enabling customers to purchase solar energy systems on credit instead of continuously spending their money on polluting and expensive fuels such as kerosene.
With the new funding secured, the Ghana-based company is aiming to install a further 60,000 systems, and open a fourth market in Burkina Faso.
Scaling up PEG’s operations is expected to provide a raft of economic, environmental and health benefits for the region’s rural communities, where off-grid households are currently spending US$14 – US$20 per month on kerosene, candles, batteries and phone charging.
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