DBL Leads $25M Round in African Solar Company Off Grid Electric

Dow Jones Venture Wire
October 22, 2015

DBL Part­ners, an early backer of SolarCity Corp., has led a $25 mil­lion invest­ment in Off Grid Elec­tric, a com­pany oper­at­ing a sim­i­lar solar-​​leasing busi­ness in Africa.

Arusha, Tanzania-​​based Off Grid installs solar pan­els, com­bined with light­ing sys­tems, at busi­ness and res­i­den­tial prop­er­ties and charges cus­tomers over time, using a leas­ing model. It is installing at a rate of more than 10,000 projects a month. By com­par­i­son, at the time Sun­run Inc . was going pub­lic ear­lier this year it had a cumu­la­tive install base of 79,000 projects, accu­mu­lated since 2007. Sunrun’s projects are likely larger than Off Grid Electric’s.…

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