Pay-as-you-go solar firm PEG Africa raises USD 1.5m of debt

Off-grid pay-as-you-go solar company PEG Africa has raised USD 1.5 million (EUR 1.35m) of debt funding that will allow it to provide home solar systems to 75,000 people in Ghana, it said Tuesday.

PEG Africa enables low-income households usually in rural areas to purchase a solar home system over time. Each system contains a battery, an 8-W solar panel, two bulbs, a torch, a radio and a phone charger.

The debt funding comes from asset manager ResponsAbility, solar finance specialist SunFunder and social investor Oikocredit. Each provided USD 500,000, Oikocredit said today.

"We hope to support PEG in achieving meaningful growth. Off-grid solar for improving the living standards of economically disadvantaged people is a big opportunity in Ghana and the rest of West Africa," said David ten Kroode, Oikocredit's renewable energy manager.

PEG Africa closed a USD-7.5-million equity funding round in June. It has a goal of reaching half a million households in West Africa by 2020.

(USD 1.0 = EUR 0.902)

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