The investment is likely the largest pure venture equity round for a solar home system provider in emerging markets.
Off Grid Electric closed its Series D funding Friday with $55 million from Helios Investment Partners and General Electric’s venture capital arm.
The round adds to a growing roster of home solar providers operating in developing countries that are pulling in large sums. In 2017, M-Kopa raised $80 million, Greenlight Planet raised $60 million and Developing World Markets financed 11 companies with a $60.8 million social impact note.
According to GTM Research solar analyst Benjamin Attia, Off Grid’s $55 million is likely the biggest pure venture equity investment for a home solar provider on record.
The announcement comes days after Husk set a record for the largest investment to date in a single minigrid company.
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