Off-​​Grid Electric raises $25 million to power one million homes in Africa

Solar Power World
October 22, 2015

Off Grid Elec­tric has com­pleted the largest ven­ture cap­i­tal fund­ing for dis­trib­uted energy in Africa, rais­ing $25 mil­lion in a Series C invest­ment round led by DBL Part­ners. Off Grid Elec­tric, based in Cal­i­for­nia and Tan­za­nia, is installing solar in over 10,000 homes and busi­nesses per month with its rad­i­cally afford­able solar leas­ing plat­form, mak­ing energy uni­ver­sally acces­si­ble to house­holds earn­ing as lit­tle as $1 per day. The com­pany has signed a part­ner­ship with the gov­ern­ment of Tan­za­nia to power one mil­lion homes in the next three years and recently entered its sec­ond coun­try, Rwanda.

DBL Part­ners Founder and Man­ag­ing Part­ner, Nancy Pfund, will serve as Chair­woman of the Board. Nancy has been a long­time investor in and board mem­ber of SolarCity. The invest­ment in Off Grid Elec­tric is the firm’s first inter­na­tional invest­ment, expand­ing DBL’s dou­ble bot­tom line invest­ment approach overseas.

We are in the midst of a solar rev­o­lu­tion in Africa. The suc­cess of our pre-​​paid leas­ing model in Tan­za­nia has global impli­ca­tions and demon­strates that uni­ver­sal energy access is achiev­able,” said Xavier Helge­sen, co-​​founder and CEO of Off Grid Elec­tric. “We are build­ing a plat­form to power mil­lions of homes and busi­nesses in the com­ing years, and DBL is an incred­i­ble part­ner to help us achieve our vision. They have seen first­hand through their early invest­ment in SolarCity how to build a mar­ket leader in solar leasing.”

Off Grid Electric’s social and envi­ron­men­tal mis­sion com­bined with the dis­ci­pline and drive inher­ent in its entre­pre­neur­ial cul­ture makes it a per­fect fit for DBL’s ‘dou­ble bot­tom line’ approach to busi­ness and social change,” said Nancy Pfund. “As our firm’s first invest­ment in an inter­na­tional busi­ness, we are excited to bring the ben­e­fits of impact invest­ing to peo­ple and fam­i­lies beyond the United States, and feel hon­ored to join the Off-​​Grid Elec­tric team.”

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