EU, partners provide $5m extra funding to grow solar market in West Africa
London, Sep 5, 2019 (AltAfrica)-ElectriFI, an impact investment facility funded by the European Union and other partners, has provided USD 5 million (EUR 4.6m) to West Africa-based pay-as-you-go solar company PEG Africa.
The fresh subordinated junior debt will allow the solar installer and financier to continue its rapid growth in existing markets. At present, PEG serves about 400,000 daily users in Ghana, Ivory Coast and Senegal. It also recently expanded into the fields of solar water irrigation and larger solar arrays.
“With 82,000 direct new connections by the end of 2019, together adding not less than 1.7 MW with Solar Home Systems, ElectriFI’s investment in PEG will strongly contribute to improving quality of life through renewable energy in the markets it operates in,” said Dominiek Deconinck, ElectriFI fund manager.