PEG Africa, a Pay-As-You-Go solar company that has its base in Ghana, has raised $4million debt capital from UK-based CDC Group. The fund will be used to expand its growth in Senegal.
PEG Africa is a solar power company founded in 2013 that aims at funding life-changing solar home systems. Since its debut 6 years ago, PEG Africa has provided solar electricity for over 400,000 users in Ghana, Cote d’Ivoire, and Senegal.
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The Chief Executive Officer, PEG Africa noted that its Senegal branch has experienced exponential growth within the past 12 months and has gained profit for doing business. Thus, the $4mn debt capital raised from the CDC Group will be for expanding its Senegal PAYG services.
Before the acquisition of the debt capital from CDC, PEG Africa had raised almost US$30 million funds in 2 years and a $25 million Series C round announced in January.
PEG Africa currently offers solar water irrigation services and a bigger solar power system for multinationals.
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