by Staff Writers
Accra, Ghana (SPX) Sep 09, 2015
PEG has announced that it raised $3.20 million to expand its presence within Ghana, and explore other markets. The funding round was led by the impact investment fund I&P Afrique Entrepreneurs, and included the Impact Assets Emerging Markets Climate Fund, French corporate impact investment fund "ENGIE Rassembleurs d'Energies", the German based development finance institution DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH with funds from its Up-Scaling Program, US based debt provider SunFunder, as well as other impact investors.
"The off-grid household energy market in West Africa is a multi-billion dollar opportunity. Our investors recognize that PEG's early successes in reaching thousands of customers in Ghana barely scratch the surface of demand", said Hugh Whalan, CEO of PEG.
PEG offers customers a solar product on an affordable 12 month payment plan, with an initial US$35 deposit, followed by daily mobile payments. After completing the payment plan, customers own the solar home system, with multiple lights, mobile charging, a lantern and a radio.The system comes with a two year warranty, and PEG licenses its solar product from M-Kopa, the global leader in PAYG technology.
"PEG is an exciting investment for I&P Afrique Entrepreneur. It combines technological innovation perfectly adapted to the West African environment and strong Environmental and Social impacts, perfectly in line with our investment philosophy", said Sebastien Boye, Chief Investment Officer in I&P.
PEG has rapidly grown into the largest PAYG solar company in Ghana and currently has 80 staff, 120 sales people, and operates 24 service centers in 7 regions of Ghana. PEG focuses on customers who earn $1-$10 per day in peri-urban or rural areas, and many of its customers are unbanked.
"ENGIE Rassembleurs d'Energies" managing director Laure Vincotte said : "We are very proud to support the development of PEG Ghana's committed team.The incoming investors join Persistent Energy Partners, which was a founding investor in PEG.Dirk Muench, Managing Partner of Persistent Energy Partners, said, 'We are delighted with PEG's success to date and with the fresh injection of funds which will allow it to extend its role as a leading PAYG company in West Africa'
PEG has been awarded grants by GSMA Foundation, National Geographic and Energy4Everyone.
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