Off Grid Electric using US$55 million financing from EDF, GE and others for Ghana expansion

Facebook
Twitter
LinkedIn
Reddit
Email
Off Grid Electric system in Tanzania. Image: Off Grid Electric.

Africa’s largest private equity firm has led a round of financing for Off Grid Electric to fuel the microgrid provider’s expansion in the continent, with investors including an arm of General Electric (GE).

Off Grid Electric announced on Friday that GE Ventures, venture capital subsidiary to GE, is among those to have contributed to a Series D funding round that has raised US$55 million. The financing round was led by Helios Investment Partners, which is focused exclusively on investments in Africa and was founded by two Africans, Tope Lawani and Babatunde Soyoye, in 2004. Off-Grid Electric said Helios is acting on “behalf of the funds it advises”.   

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Top Lawani, still a managing partner at Helios, said the company believed Off Grid Electric’s “innovative platform” is going to “play an important role in Africa’s electricity future, and have a positive impact on the lives of Africans.”

GE Ventures was joined in the round by existing investors in Silicon Valley-headquartered Off Grid Electric.

To read the full version of this story, visit Energy-Storage.News.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA