Luxembourg, 25 August 2016 – GCPF finances Off Grid Electric, a solar leasing company operating in Tanzania and Rwanda which provides clean and affordable energy to households that have never had access to reliable electricity.
Since its 2012 launch, Off Grid Electric has led the industry in capital raising, importantly opening the industry to institutional and more traditional capital sources. To date, Off Grid Electric is growing rapidly and services more than 100,000 households and businesses in Tanzania and Rwanda.
“Last year Off Grid Electric added more solar home systems than the Tanzanian utility company added to the grid,” noted Bill Lenihan, CFO & Head of Business Operations, Off Grid Electric. “Our objective is to bring industry leading partners to our company. Solar City, EDF and others are now joined by GCPF. We’re privileged to have their financing support and unmatched continent knowledge, relationships and operating expertise. We are now stronger and able to further our mission and expand our reach.”
This news comes on the heels of the launch of Off Grid Electric’s line of solar appliances for rural entrepreneurs, announced last month at President Obama’s Entrepreneurship Summit in Palo Alto, California. Called Kazi na Zola (“Work with Zola” in Swahili), the “business in a box” solution is designed to give self-starters in Rwanda and Tanzania the tools they need to run a business – whether a barbershop, charging shop, bar, or restaurant – completely on solar.
Claudia Arce, chairperson of the GCPF Board, commented: “Our investment’s aim is to mitigate climate change and promote energy access in the developing countries. We believe that Off Grid Electric is a perfect example for how these objectives can be reached through financially viable business models.”
Global Climate Partnership Fund S.A., SICAV-SIF
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