Lumos Global, a firm that specializes in off-grid solar and operates in Nigeria, has announced that they has announced a USD 90 million investment, acquired from fundraisers. Through this investment the company has displayed the growing industry that is off-grid solar and local solar systems.
Charting a course to transform the sector and millions of lives, Lumos Global will use the capital to grow in Nigeria and satisfy the high demand for its solar systems. It will be rolling out the service to homes, small businesses and community service centers such as hospitals, churches and mosques. Lumos will also seek to expand into other countries, building on its foundation in Nigeria.
The company’s innovative solar systems are designed to provide affordable renewable electricity for communities which have very little access or none at all. In collaboration with Nigeria’s leading phone company MTN, the company will enable customers to pay for affordable electricity as they go, through mobile credit.
The recently completed funding round was comprised of a series of commitments, including US $50m of debt funding from Overseas Private Investment Corporation (“OPIC”), the U.S. Government’s development finance institution and a total of US $40m of equity. The equity was raised from a consortium led by Pembani Remgro Infrastructure Fund (“PRIF”), the African infrastructure investor, and existing investors VLTCM and ICV.
In Nigeria, just half the population are connected to the grid and a quarter of the population have constant access, which makes perfect business sense for a company such as Lumos Global, whilst also providing a better standard of living for potentially millions of people.