Off Grid Electric, the Tanzania-based solar system installer backed by solar power provider SolarCity, has received $10m in equity funding from investment firm Helios Investment Partners.
The funding was secured alongside $8m in debt financing from a syndicate led by development finance provider ResponsAbility.
Off Grid builds micro-scale solar installations that serve remote homes and businesses in Tanzania and Rwanda. It has now raised $58m in equity funding, including $25m in an October 2015 series C round backed by SolarCity.
The series C round also included DBL Partners, Omidyar Network, Serious Change, Western Technology Investment, Vulcan Capital and Tope Lawani, the managing director of Helios.
SolarCity also took part in a $7m series A round in 2014 featuring 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.
The company has previously also raised $7m in debt financing from International Finance Corporation and Cordiant Capital, in February 2015, and another $45m in December from Packard Foundation, Ceniarth, Calvert Foundation and the US government-owned Development Innovation Ventures.
– Image courtesy of Off Grid Electric