Off-grid solar firm Zola Electric Tanzania bags USD 32.5m for growth
Image Source: Off Grid Electric
Off-grid solar firm Zola Electric, formerly Off Grid Electric, has secured a USD-32.5-million (EUR 28.7m) facility to finance its activities in Tanzania over the next five years.
The announcement was made today by Dutch development bank FMO, which acted as lead arranger in the financing package, and investment firm Symbiotics. FMO is providing a senior loan of USD 5 million from the Access to Energy Fund (AEF), which catalyses an FMO-A investment of USD 12.5 million. In turn, Symbiotics is contributing USD 15 million.
Zola Electric offers solar and smart storage technology to off-grid households across Africa. The fresh financing will benefit an additional 145,500 homes in Tanzania gain access to electricity.
At present, the company powers over one million customers across five countries. Its other existing investors include Tesla (NASDAQ:TSLA), EDF (EPA:EDF), Total (EPA:FP) and GE Ventures.