December 29 (SeeNews) - Africa-focused solar installer Off Grid Electric has obtained USD 7.5 million (EUR 7.2m) in debt financing from impact investment manager Developing World Markets (DWM).
The distributed solar firm plans to use the funds to expand the footprint of its consumer brand Zola and to scale operations in Rwanda, where it started doing business in January 2016. Off Grid Electric intends to install solar systems for a total of 100,000 Rwandan homes by 2019.
The company also said on Tuesday it has partnered with Rwanda’s national utility company, Energy Development Corporation Limited (EDCL). The cooperation is part of the nation’s Rural Electrification Strategy, the goal of which is to provide access to solar power to 70% of local homes by June 2018.
In 2016 alone, Off Grid Electric has raised some USD 30 million in funding, including USD 18 million from Helios Investment Partners and responsAbility.
(USD 1.0 = EUR 0.955)