West Africa Off-Grid Solar Venture Gets $3.4 Million Investment Boost
Tuesday, September 8, 2015
Ghana-based pay-as-you-go solar firm PEG has raised GHS13.2 million (US$3.4 million) to expand its presence in the West African country.
The firm, which targets remote and rural communities, is aiming to install 500,000 systems in West Africa over the next five years.
Its latest funding round was led by France-based I&P Afrique Entrepreneurs and attracted investment from Impact Assets Emerging Markets Climate Fund, French investment fund ENGIE Rassembleurs d’Energies, German development finance institution DEG and US debt provider SunFunder.
PEG focuses on households earning US$1-10 per day, many of whom are unbanked. It offers systems for GHS2 (US$0.5) per day over a year, payable through mobile money, after which customers own their system outright. The solar units offer functions such as lighting, mobile phone charging, a lantern and a radio.