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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