PEG Africa, a company offering pay-as-you-go solar to consumers and businesses in West Africa has received a $5 million investment from European Union initiative ElectriFi. The company says it has now secured more than $50 million and plans a major expansion.
The solar home system company, which enables customers to pay their solar electricity bill through an app on their mobile on a PAYG basis, has conducted a monumental funding round as it eyes expansion to become a fully-fledged pay-as-you-go utility.
A €38 million loan will be provided by Proparco, the International Finance Corporation and the European Investment Bank. A PV plant in Tauba will sell power for €0.0380/kWh and a second facility in Kahone which will sell electricity for €0.0398.
The U.K. Government says it will make £56 million available for battery storage technologies in South Africa. Nigeria also saw the next phase of the U.K.-Nigeria Climate Finance Accelerator unveiled; while the continent as a whole, is set to benefit from further partnerships and investment in both solar and climate change.
The French energy giant will now build a solar PV power plant in Tauba, central Senegal, which will sell power at €0.0380 per kWh, while a second plant selling electricity at €0.0398 per kWh will be constructed in Kahone.
The French developer was selected by Senegal’s power utility Senelec to install 10 solar power plants across four different regions of the African country.
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