West African solar company, PEG Africa has announced that it raises a $4 million of funding in a round led by a development finance institution, CDC Group. According to the company, the new funding will be used to expand its operations into Senegal. Its reach in the country has shown a great deal with thousands of Senegalese subscribing to the services from PEG Africa.
“Senegal has been growing far quicker than expected and has reached profitably within its first year. With the continued backing of CDC Group, we expect our growth in Senegal to continue. Importantly, we believe that we will be able to apply our learnings and expansion playbook to yield superior results as we grow into future markets,” said CEO of PEG Africa, Hugh Whalan.
Reportedly, the company last month had also raised a funding of $5 million from ElectriFi initiative to grow its reach in West Africa where it’s serving around 400,000 daily users across Cote d’Ivoire, Ghana, and Senegal.
“CDC is pleased to back PEG Africa to help fuel their expansion in Senegal. We’re proud of our partnership with PEG, which is bringing the phenomenal impact of pay-as-you-go solar to new and underserved markets in West Africa with a focus on financial sustainability and innovation,” said Geoffrey Manley, the Head of Energy Access and Efficiency at CDC Group.
The lack of electricity supplies in Africa is still a big deal with the majority of Africans live without reliable access to it. However, this seems to change since many initiatives and business projects including PEG Africa want to make sure the boost of access to electricity in the continent.