Accra, June 22, 2016
I&P PARTICIPATES TO PEG’S $7.5 MILLION ROUND
TO EXPAND ACTIVITIES IN WEST AFRICA
Accra, Ghana – PEG, the leading off-grid solar company in Ghana, announced today that it has closed a $7.5 million Series A round. The funding will be used to expand operations in Ghana, build out the management team, and to enter Ivory Coast. ► Read Press Release
PEG has over 10,000 customers and operates 29 service centers in 7 regions of Ghana. The Series A investment comes from a $4.3 million USD A-2 round which closed today and follows an earlier A-1 investment of $3.2 million in September 2015. The A-2 round was led by Energy Access Ventures, and includes Blue Haven Initiative, as well as follow-on investment from existing investors, Investisseurs & Partenaires (I&P) and Engie Rassembleurs d’Energies. These investors join Impact Assets and Persistent Energy Capital, among others.
Hugh Whalan, CEO of PEG, says: “We are thrilled to receive the support of new and existing investors, and to continue our vision to bring pay-as-you-go financing to the massive, and largely ignored, West African market. As a market leader in this region, where there are 35 million off-grid homes, we are uniquely placed to do this.”
Sebastien Boyé, Chief Investment Officer of I&P, commented: “I&P is very enthusiastic to participate in PEG’s new round of financing. As one of the first investors, we are strong believers in PEG’s mission and their potential”