Rooftop solar provider, Off Grid Electric, in partnership with EDF, are set to expand their off-grid solar solutions offering to households in Ghana.
Off Grid Electric has secured the largest venture equity investment worth US $55m in Series D funding led by Helios with support from GE Ventures and existing investors; to support continued expansion and new product development.
Through its consumer brand Zola, Off Grid Electric combines Silicon Valley technology with local expertise to offer African homes and businesses rooftop solar as a solution to an ‘unreliable or non-existent grid’.
According to the company’s co-founder and CEO, Xavier Helgesen, 2017 was a memorable year for Off Grid Electric. They achieved operating profitability in the largest market, launched a transformative new phase of product and technology development, and also established clear market leadership in four African markets.
The company currently provides power to more than 150,000 homes and businesses across Tanzania, Rwanda, Côte d’Ivoire, and Ghana.
Off Grid Electric and EDF first partnered for a JV in Côte d’Ivoire in November 2016. Building on their success in Côte d’Ivoire, where the company already has over 10,000 customers, the pair is expanding their partnership to Ghana. Both companies will operate and also share financial risks.
The Ghanaian company CH Group will join Off Grid Electric and EDF, and further hold a 20% share in the partnership. The sale of 10,000 off-grid kits in Côte d’Ivoire within the space of just a few months is proof of the appeal and efficiency offered by off-grid solutions.
