Off Grid Electric, a Tanzanian startup that provides solar energy, has announced it has secured $25 million funding. The company said it will use the additional fund to expand to Rwanda.
Disrupt Africa reported the funding includes investors DBL Investors, Zouk Capital, Vulcan Capital and SolarCity – which have also previously invested in Off Grid Electric -; while Paris-based impact venture fund Energy Access Ventures (EAV) joined the round, making its inaugural investment, to the tune of US$2 million.
With the funds, Off Grid Electric plans to continue its goal of providing power to 1 million homes in Tanzania by 2017; but will also allow the startup to launch in its first international operations, in Rwanda.
“OGE has a proven business model that can deliver economic and social benefits across Africa,” Off-Grid Electric’s chief executive officer (CEO) and co-founder, Xavier Helgesen.
“As the only venture and impact fund wholly focused on bringing energy access to the 600 million people in Africa who do not yet have it, I am very excited that we have found such a great company for our first investment,” said Dr. Michael Gera, managing partner of Energy Access Ventures.
“With EAV’s significant presence on the ground, we very much look forward to working with the company to help it achieve significant impact and commercial success.”
