This archive report was first published on 3 September 2019.
On September 3, 2019, PEG Africa, a leading pay-as-you-go (PAYG) solar firm, announced that it had secured $5 million in funding from ElectriFI to accelerate its growth in existing markets in West Africa.
The funding, which is subordinated junior debt, will be used to support PEG's expansion in Ghana, Cote d'Ivoire, and Senegal.
According to CEO Hugh Whalan, PEG has experienced rapid growth since 2015, with its customer base almost doubling in size every year. The company's PAYG financing model enables customers to access affordable solar energy systems, reducing their reliance on harmful fuels such as kerosene and diesel.
PEG currently serves over 400,000 daily users across its three markets, and has recently expanded its services to include solar water irrigation and bigger solar power systems.
ElectriFI's fund manager, Dominiek Deconinck, expressed his enthusiasm for supporting PEG Africa's growth path, citing the company's impressive track record of connecting new customers to renewable energy.
As of 2019, PEG had achieved 82,000 direct new connections, adding over 1.7 MW of solar power to the grid. ElectriFI's investment is expected to contribute significantly to improving the quality of life for people in the regions where PEG operates.
