This archive report was first published on 16 October 2019.
Published on October 16, 2019, PEG Africa, a West Africa-based pay-as-you-go solar company, has secured $4 million in debt capital from CDC Group to finance its growth in Senegal.
The company has been serving over 400,000 daily users in Ghana, Cote d'Ivoire, and Senegal, and has recently expanded into solar water irrigation and bigger solar power systems.
According to PEG Africa's CEO, Hugh Whalan, Senegal has been growing faster than expected, and the company has reached profitability within its first year.
With the continued backing of CDC Group, PEG Africa expects its growth in Senegal to continue, and believes it will be able to apply its learnings and expansion playbook to yield superior results in future markets.
PEG Africa has raised almost $30 million in funding over the last year, including a $25 million Series C round anchored by a $15 million multi-currency facility led by CDC Group.
Geoffrey Manley, Director, Head of Energy Access & Efficiency at CDC Group, praised PEG Africa's partnership, saying it is bringing the impact of pay-as-you-go solar to new and underserved markets in West Africa with a focus on financial sustainability and innovation.
