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PEG Africa raises US$25 million Series C funding to boosts its off-grid solar expansion in West Africa
A solar company PEG Africa, who provides pay-as-you-go (PAYG) solar services in West Africa; have raised a US$25 million Series C funding. This have now taken its funding total to US$50 million.
PEG Africa provides useful productive and essential assets, such as solar home systems, to undeserved households in West Africa. It also provides credit for these assets via its pay-as-you-go (PAYG) financing model. This enables its customers seize or minimize their continuous spending on poor-quality polluting fuels such as kerosene and candles.
In West Africa more than 150 million people live with no access to electricity, and they even spend up to 30 percent of their incomes on poor quality, polluting and sometimes dangerous fuels.
PEG serves over 60,000 households (more than 300,000 beneficiaries) through 70 service centers. It has over 400 full-time staff and about 550 commission-based sales agents.
US$20 million out of the US$25 million Series C funding is in debt; with CDC Group (UK’s development finance institution) responsible for arranging a US$15 million multi-currency facility. Other debt providers include existing lenders SunFunder and ResponsAbility.
The other US$5 million Series C funding is in the form of equity investments from existing investors like Energy Access Ventures, Blue Haven Initiative, I&P Afrique Entrepreneurs (a fund managed by Investisseurs & Partenaires) and Acumen; There are also investments from new investors like Total Energy Ventures and the Renewable Energy Performance Platform (REPP).
The just concluded round of US$25 million Series C funding from existing and new investors; will be to cement PEG Africa’s position as a market leader in West Africa (Ghana, Cote d’Ivoire and Senegal) and also to expand its operations its other regions.
Guess you may be wondering; What is Series C funding?