Pay-as-you-go solar firm raises $13.5 million to expand operations in Ghana & Ivory Coast
The company focuses on off-grid customers, often rural and considered risky by banks and micro-finance firms, offering PAYG technology that allows it to control assets remotely in the field while they are being repaid by customers.
The firm is targeting to reach 500,000 people through micro-loans for solar home systems.
According to Hugh Whalan, CEO of PEG Africa: “With this funding, PEG Africa will be able to reach a major milestone of extending energy and financing to half a million people. We are excited that we can now accelerate our growth plans in key West African markets. It is testament to the quality of the opportunity that all previous investors have participated in the Series B equity financing.”
Various financial institutions have described PEG Africa's activities as financially unsafe as they earn $5-$10 per day.
The off grid solar firm secured funds from SunFunder, ResponsAbility, Oikocredit, Global Partnerships and Palladium Impact Investments. The Series B financing brings the total funding raised by PEG Africa to over $21M USD from investors such as Blue Haven Initiative, with participation from EAV, Investisseurs & Partenaires (via IPAE 1 fund), ENGIE Rassembleurs d’Energies, Acumen and PCG Investments.
Audrey Desiderato, COO of SunFunder, said, “We have seen PEG Africa achieve major milestones in the last few years. By structuring and arranging this syndication on PEG’s behalf, we have provided scalable financing so they can focus on their core business.”
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