NOVEMBER 14, 2017 – West Africa’s booming off-grid solar industry is drawing international investors eyeing expansion.
Sub-Saharan Africa has the lowest rates of energy access on the planet and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting into productivity and growth. Startups across the region have started linking mobile phone networks with power developers to create pay-as-you-go models that expand access to electricity.
Lumos plans to use part of the equity it raised last year to fund its initial expansion while also seeking additional cash from banks, development finance institutions and private investors, Marom said, declining to say how much the company is seeking to raise.
“Today in Nigeria we are already selling many hundreds of systems everyday and we want to reach these levels and beyond in Ivory Coast,” he said. “The need for these systems and the market demand is so huge that we are in constant fundraising.”