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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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.

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

PV Tech Premium
August 3, 2021
This installment of PV Tech’s European solar special uncovers the emerging markets of Europe’s PV sector, including Poland, Denmark and Greece.
PV Tech Premium
August 2, 2021
In today’s installment of PV Tech’s ‘European solar under the spotlight’ feature, we assess the potential and key drivers behind Europe’s leading markets in Germany, Spain and the Netherlands.
PV Tech Premium
July 30, 2021
Not only will solar be the dominant source of new power generation in Europe by 2025, cementing its position as the third largest market for solar globally, but the continent has placed the asset class at the very heart of its COVID-19 recovery strategy. As part of a week-long special report on PV Tech Premium, Liam Stoker, Edith Hancock and Jules Scully explore the drivers for solar in Europe, the key markets and the challenges that remain.
July 29, 2021
US residential solar installer Sunnova said it was investing in its end-to-end solar services to cater for customers demanding more from their rooftop installations.
July 29, 2021
The US Senate has passed a new bipartisan infrastructure bill after weeks of protracted discussions, establishing US$550 billion in new infrastructure funding as part of an investment described as “once-in-a-generation”.
July 28, 2021
Enphase Energy shipped fewer microinverters in Q2 2021 than in the preceding quarter as supply constraints continued to bite, but the manufacturer still managed to boost revenue sequentially.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK