PEG Africa, Ghana’s Pay-As-You-Go solar company, has announced that it has raised a $5 million debt funding round from ElectriFI to continue its expansion in West Africa.
The company currently provides a pay-as-you-go service in which it provides credit for solar home systems in Ghana, Ivory Coast, and Senegal.
The company has added $5 million from ElectriFI, the Electrification Financing Initiative, which is funded by the European Union and managed by the EDFI Management Company, established by 15 European development finance Institutions. development finance institutions.
The company had previously raised $25 million from a Series C round last year, taking its total funding to $50 million.
Dominiek Deconinck, ElectriFI fund manager, said the initiative was thrilled to support PEG Africa on its growth path.
“With 82.000 direct new connections by the end of 2019, together adding not less than 1.7 MW with solar home systems, ElectriFI’s investment in PEG will strongly contribute to improving quality of life through renewable energy in the markets it operates in,” he said.