Ghana-based pay-as-you-go solar company Peg Africa has raised a $25 million Series C funding round, bringing its total funding to date to $47.5 million.
The latest investment from new and existing investors is
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The solar firm serves 60,000-plus households and more than 300,000 users, through 70 service centers, employing 400
The solar energy firm makes use of pay-as-you-go technology and low-cost mobile payment systems to supply clean energy to underserved users in West Africa whose residents could not previously afford it.
The pay-as-you-go financing model also helps users to build a credit score, according to Ventureburn.
The $25 million Series C round consists of $20 million in debt financing, with U.K.-based CDC Group responsible for $15 million, and existing lenders SunFunder and ResponsAbility providing $5 million, according to the press release.
The remaining $5 million is in the form of equity investments from existing investors, Energy Access Ventures, Blue Haven Initiative, I&P Afrique Entrepreneurs and Acumen Fund, as well as new investors Total Energy Ventures and the Renewable Energy Performance Platform.
Founded in 2013, raised four previous rounds between 2015 and 2017, according to
In the last few years, pay-as-you-go solar companies in Africa have raised significant amounts to fund expansion.
While PEG Africa is one of the market leaders in West Africa, M-Kopa Solar is a big player in East Africa, having raised $161.8 million over 11 funding rounds, Crunchbase reports.
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