Off Grid Electric raises $55 million for African ventures

African rooftop solar provider Off Grid Electric and EDF Energy are expanding their partnership in Africa. The expansion is being done with the $55 million fund received by Off Grid Electric for developing off-grid home solar solutions in Ghana. The funding was led by private investment fund Helios Investment Partners with support from GE Ventures. The development comes on the back of the New Deal on Energy for Africa, a partnership-driven effort led by the African Development Bank Group. The deal aims to achieve universal access to electricity in Africa by 2025. Currently, Off Grid Electric operates in Tanzania, Rwanda, Côte d’Ivoire, and Ghana through its consumer brand name Zola. Off Grid Electric and EDF had first partnered for a JV in Côte d’Ivoire in November 2016.

GET ACCESS TO OUR ARTICLES

Enter your email address