Off Grid Electric raises USD 18m from new investors

August 2 (See­News) — Tan­za­nia-head­quar­tered solar installer Off Grid Elec­tric said on Mon­day it has closed an USD-18-mil­lion (EUR 16m) financing.

The com­pa­ny has raised USD 10 mil­lion from Africa-focused pri­vate invest­ment firm Helios Invest­ment Part­ners and USD 8 mil­lion of debt financ­ing from Zurich-based asset man­ag­er Respon­s­Abil­i­ty Invest­ments AG.

Off Grid Elec­tric devel­ops and mar­kets dis­trib­uted solar home sys­tems and bat­ter­ies, with a focus on the African mar­kets. Its prod­ucts allow cus­tomers to pow­er LED lights, mobile phone charg­ers and oth­er small electronics.

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