ImpactAlpha, March 24 — PEG Africa sells pay-as-you-go home solar systems to energy poor households in Ghana, the Ivory Coast and Senegal. The solar company has secured a mix of debt and equity to expand electricity access to the 150 million West Africans who live off the grid.
PEG Africa’s products currently reach 60,000 households in three countries. Fifty percent of its customers earn less than $3 per day and more than 80% lack access to mainstream financial products, like credit.
The company’s mixed funding round includes $5 million in equity from existing investors Energy Access Ventures, Blue Haven Initiative, Investisseurs & Partenaires and Acumen. New investors Renewable Energy Performance Platform and oil and gas company Total’s venture fund also backed the round.
U.K. development finance institution CDC Group, solar finance company SunFunder and ResponsAbility committed $20 million in debt capital to support PEG’s expansion.
PEG previously raised a $13.5 million mixed debt and equity funding round in November 2017.