The company offers pay-as-you-go home solar systems to 200,000 off-grid customers in Ghana and the Ivory Coast. It plans to use the new funds to reach 500,000 customers.
The latest round is part equity, part debt. The debt portion, coordinated by solar-business lender SunFunder, which has arranged more than $25 million in loans to 30 off-grid solar companies.
The debt was structured in U.S. dollars and local currency to resolve “the mismatch between the currency that solar companies receive from their customers, and the currency that solar companies need to repay international lenders like SunFunder,” said SunFunder in a May blog post.
ResponsAbility, Oikocredit, Global Partnerships, and Palladium Impact Investments also participated in the loan.
The Series B equity funds were provided by Blue Haven Initiative, with participation from EAV, Investisseurs & Partenaires, ENGIE Rassembleurs d’Energies, Acumen and PCG Investments. Last week, BBOXX closed $5 million from Deutsche Asset Management to expand pay-as-you-go solar in Rwanda.
In June, Berlin firm Mobisol acquired San Francisco-based Lumeterto grow the market for its pay-as-you-go services in Tanzania, Rwanda and Kenya.