SolarCity invests in US$16 million fund for off-grid solar in Africa
Posted on :Thursday , 11th December 2014
US installer SolarCity is among the investors in a US$16 million funding round closed this week by Off Grid Electric, a company offering pre-paid solar systems in Africa.
Apart from SolarCity, infrastructure fund manager, Zouk Capital and Vulcan Capital, the private investment firm of Microsoft co-Founder Paul Allen, led this second round of investment funding for Off Grid Electric. The first round last year, raised US$7 million.
Off Grid Electric was set up in 2011 to deploy solar lighting across the continent of Africa, helping thousands to switch from using kerosene to solar. The company is aiming to bring solar electricity to 50 million homes by 2022.
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