Off Grid Electric Raises $45 Million in Debt Financing
Posted on :Tuesday , 22nd December 2015
Off Grid Electric, a micro-solar leasing platform for Africans, has raised $45 million in debt financing for solar power and battery storage. The Packard Foundation, Ceniarth, Calvert Foundation and other family offices will lend up to $40 million to the fund. The US Agency for International Development's Development Innovation Ventures program has also provided a $5 million grant.
That brings Off Grid's investment total to $70 million this year including a $25 million Series C in October led by DBL Partners along with Western Technology Investment, SolarCity, Omidyar Network, Serious Change LP, Vulcan Capital and the private investment firm of Microsoft co-founder Paul Allen. DBL's Nancy Pfund joined Off-Grid Electric as board chair at the time of the investment. SolarCity CEO Lyndon Rive is also on the board.
Off Grid Electric has more than doubled the $23 million raised in 2014. Off-grid renewable energy companies have raised close to $200 million this year versus the roughly $64 million invested in off-grid solar solutions last year.
Off Grid Electric is looking to scale up its partnership with the Tanzanian government to power 1 million homes by 2017. The company also plans on entering Rwanda, which will be its second market in Africa.
Off Grid Electric uses a mobile-payment platform to allow customers to purchase energy in small amounts, essentially a micro-solar leasing model.
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