Off Grid Electric secures USD 25m for distributed solar in Africa

Tanzania-based solar systems installer Off Grid Electric has raised USD 25 million (EUR 22.4m) in what is considered to be the largest venture capital financing round for distributed energy in all of Africa.

The fresh funds will help Off Grid Electric in its efforts to power one million households in Tanzania over the next three years, the company said in a press release on Thursday.

The funding round was led by venture capital firm DBL Partners, whose founder and managing partner, Nancy Pfund, will now assume the role of a chairwoman of Off Grid Electric’s board. Other new investors include Western Technology Investment and Helios Investment Partners founder Tope Lawani. Meanwhile, the list of returning backers includes SolarCity, eBay founder Pierre Omidyar’s Omidyar Network fund, Serious Change LP and Microsoft co-founder Pual Allen’s Vulcan Capital.

Through its solar leasing platform, Off Grid Electric installs solar arrays for more than 10,000 households and businesses each month. The firm also has headquarters in California. Just recently, it set foot into its second country -- Rwanda.

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