Press Release – San Francisco, CA (July 26, 2018) — ZOLA Electric (“ZOLA”), Africa’s leading renewable energy brand formerly known as Off Grid Electric, today announced $20 million in new debt financing from SunFunder and a values-aligned family office. SunFunder contributed $5 million USD and the family office acted as the arranger and completed the balance.
This financing marks the completion of the third transaction between ZOLA and SunFunder, a specialist finance provider focused on supplying funds for solar assets in emerging economies. ZOLA and SunFunder have worked together since 2014. Due to the ongoing success of their transactions, their relationship has grown with each new investment.
The new investment will support ZOLA’s continued expansion across Africa and bring affordable, accessible and reliable solar energy to an additional 25,000 customers in four countries. Additionally, it’s estimated that between now and when the loan matures in mid-2021, 500,000 households will ex…