July 26 (Solar) – Off-grid solar firm Zola Electric, formerly Off Grid Electric, today said it has secured USD 20 million (EUR 17.2m) in debt financing that will aid its expansion across Africa.
The new financing will bring solar energy to 25,000 customers in four countries, according to the company. It has been obtained from SunFunder, which contributed USD 5 million, and a values-aligned family office, which acted as the arranger and completed the balance.
Zola Electric, whose investors include Tesla (NASDAQ:TSLA), EDF (EPA:EDF), Total (EPA:FP) and GE Ventures, says it currently powers over 180,000 homes and businesses across Tanzania, Rwanda, Cote d'Ivoire and Ghana.
Co-chief executive Bill Lenihan said the new debt financing will support the company's growth in new and existing markets.
(USD 1 = EUR 0.858)