Off Grid Electric – a leading rooftop solar provider in Africa has secured $55 million in Series D funding led by Helios with support from GE Ventures and existing investors to expand across Africa.
Off Grid Electric and EDF will expand their partnership in West Africa by offering off-grid solar solutions to households in Ghana and support its continued expansion and new product development. The firm currently provides power to more than 150,000 homes and businesses across Tanzania, Rwanda, Côte d’Ivoire, and Ghana under its consumer brand Zola.
According to Bill Lenihan, President, Off Grid Electric.,“We are excited to work closely with Helios and GE Ventures to accelerate our next stage of growth. They join a roster of strategic and capital partners that is already the strongest in the industry, including Tesla, Total, EDF, DBL Partners, Zouk Capital, Vulcan Capital, and Omidyar Network.”
Off Grid Electric and EDF first partnered for a joint venture in Côte d’Ivoire in November 2016. The two aims to expand their market leadership in Côte d’Ivoire and create thousands of new jobs ranging from call-center employees to sales managers to technicians.
Building on their success in Côte d’Ivoire, where the company already has over 10,000 customers, Off Grid Electric and EDF are expanding their partnership to Ghana. Both companies will operate and share financial risks.
The Ghanaian company CH Group will join Off Grid Electric and EDF, and hold a 20% share in the partnership.
“For us, the sale of 10,000 off-grid kits in Côte d’Ivoire within the space of just a few months is living proof of the appeal and efficiency offered by off-grid solutions. We are delighted to be entering the Ghana market with Off Grid Electric and are already putting together innovative new off-grid solutions to support the energy transition in Africa,” said Marianne Laigneau, Group Senior Executive Vice-President at EDF in charge of the International Division.
Off Grid Electric’s investors include: Tesla, Vulcan Capital, DBL Partners, Helios Investment Partners, EDF, Total, and GE Ventures. Off Grid Electric is the recipient of the 2016 UN Momentum for Change Award, Zayed Future Energy Prize, and the 2015 Global Cleantech 100.
The investment aim to help the two firms reach the more than 600 million people in sub-Saharan Africa live without electricity, and those who do have electricity are often plagued by an unreliable grid.