Tanzania-based solar power supplier Off Grid Electric has secured $55m in a series D round featuring power and industrial technology manufacturer General Electric’s corporate venturing subsidiary, GE Ventures.
The round was led by Helion Venture Partners, a branch of investment firm Helion Investment Partners, and increased the company’s overall equity funding to $123m, alongside $60m in debt financing.
Off Grid Electric provides rooftop solar systems through a leasing model to homes and businesses in Tanzania, Rwanda, Côte d’Ivoire and now Ghana, where it has formed a joint venture with energy utility EDF and diversified conglomerate CH Group.
Daniel Hullah, GE Ventures’ managing director of energy investments, said: “Approximately one-third of the world’s electricity is generated by GE equipment, but millions of people still lack access to reliable power.
“We are excited to partner with Off Grid Electric to expand access to clean affordable energy in sub-Saharan Africa and scale its impact.”
Helios had previously invested $10m in Off Grid in 2016, the year after it received $25m in series C funding from solar power provider SolarCity, DBL Partners, Omidyar Network, Serious Change, Western Technology Investment, Vulcan Capital and Helios managing director Tope Lawani.
Off Grid had raised $7m from SolarCity, Vulcan Capital, Omidyar Network, Africa Enterprise Challenge Fund, BWE-JV Investments, Givia, Jasmine Social Investments, Marshall Foundation, Mulago Foundation, Segal Family Foundation, Serious Change and The World We Want Foundation in 2014.
Electranova Capital, the VC fund sponsored by EDF, and Total Energy Ventures, the strategic investment arm of oil and gas company Total, each invested an undisclosed amount in the company in early 2016.