US$20m debt finance for Zola Energy will push solar-plus-storage into four new African countries

July 30, 2018
Facebook
Twitter
LinkedIn
Reddit
Email
Image: ZOLA Energy.

Zola Energy, one of two US-headquartered providers of off-grid solar-plus-storage solutions to the African continent profiled in Energy-Storage.news’ recent Global Storage Opportunity 2018 report, has obtained US$20 million debt financing.

Sunfunder, a solar energy financier group ‘majority-based’ in the Kenyan capital Nairobi, contributed US$5 million towards the latest debt finance deal for Zola, while an unnamed “values-aligned family office” took care of the remainder. It is the third time Sunfunder has brokered a deal of this nature with the company. Zola said the family office also acted as arranger.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Zola was until recently known as Off Grid Electric, leasing or selling solar home kits to individual households in Tanzania, Rwanda, Ghana and the Ivory Coast.

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

Read Next

Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
Off-grid solar company Sun King has revealed plans to set up manufacturing operations in Kenya and Nigeria.
October 14, 2025
Apple will support 650MW of projects as part of a major expansion of its renewable energy investments in Europe, aimed at reducing its carbon footprint.
October 10, 2025
Australia's renewable energy sector recorded its slowest month of the year for additions in September, with 5.8GW of new projects added to development pipelines, according to data from Rystad Energy.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK