ZOLA gets $32.5 million funding to expand operations in Tanzania

ZOLA Electric, an African renewable energy company, has secured $32.5 million in funding from FMO, the Dutch entrepreneurial development bank, and Symbiotics, an investment firm specialising in emerging, sustainable and inclusive finance. The funds will be used to finance the growth of ZOLA’s operations in Tanzania over the next five years and will help 145,500 households to access energy in areas with no grid infrastructure. The investment is also expected to create around 2,100 new jobs in the off-grid solar segment in the country.

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