Off Grid Electric raises USD 18m from new investors

Rooftop solar installation. Credit: Mathieu Young.

August 2 (SeeNews) - Tanzania-headquartered solar installer Off Grid Electric said on Monday it has closed an USD-18-million (EUR 16m) financing.

The company has raised USD 10 million from Africa-focused private investment firm Helios Investment Partners and USD 8 million of debt financing from Zurich-based asset manager ResponsAbility Investments AG.

Off Grid Electric develops and markets distributed solar home systems and batteries, with a focus on the African markets. Its products allow customers to power LED lights, mobile phone chargers and other small electronics.

“Last year Off Grid Electric added more solar homes than the Tanzanian utility company added to the grid,” said Bill Lenihan, CFO and head of business operations at Off Grid Electric.

The firm currently services more than 100,000 households and business in Tanzania and Rwanda. Last month it launched a line of solar appliances for rural entrepreneurs.

(USD 1.0 = EUR 0.893)

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