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


Image: ZOLA Energy.

Zola Energy, one of two US-headquartered providers of off-grid solar-plus-storage solutions to the African continent profiled in’ 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.

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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.

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