In what appears to be a landmark move to reposition the solar industry in Nigeria, Africa, and the globe, Lumos Global, an off-grid solar firm operating in Nigeria has raised $90 million in fundraising, the industry’s largest every investment.
Lumos Global seeks to transform the industry and in so doing millions of lives with this fund. Lumos Global will be expanding its services in Nigeria and also meet the high demand for its solar systems. With Nigeria as a starting point, Lumos Global seeks to conquer more countries. It will be rolling out its services to homes, small business and community service centers.
The investment was led by a $50 million of debt funding from Overseas Private Investment Corporation (OPIC), and a total of $40 million of equity led by Pembani Remgro Infrastructure Fund (PRIF), the African infrastructure investor, and existing investors VLTCM and ICV.
Speaking on this, Davidi Vortman, CEO of Lumos Global said “We are proving on a daily basis that our systems have a unique ability to change lives. This major investment round shows the level of confidence that OPIC and PRIF have in Lumos Global’s ambition and impact. I believe that private sector-led solutions fuelled by development-oriented funders is critical to achieving one of humanity’s biggest social challenges: providing access to energy to those who do not have it.”
Also, Elizabeth L. Littlefield, OPIC President and CEO said: “In Nigeria, only half the population is connected to the grid and only 25 percent of the population has access to a regular supply of electricity. OPIC’s commitment and support is helping Lumos Global bring vision, innovation, and sound business sense to address Nigeria’s severe energy shortage. Together, OPIC will advance the understanding that business can be a force for good and Lumos Global will provide reliable and affordable electricity solutions to thousands of households with limited or no access to electricity.”
Lumos Global in partnership with MTN Nigeria will be offering its customers a pay as you go service for the solar system. This will ensure that customers can obtain electricity for less than 50 US cents a day using mobile phone credit.