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PEG Africa explained in a statement yesterday that it will use the capital to expand operations in Senegal where it says it has thousands of customers.
PEG Africa was founded in 2013 by Hugh Whalan and Nate Heller
The firm was founded in 2013 by Hugh Whalan and Nate Heller. It currently provides 400 000 daily users in Ivory Coast, Ghana and Senegal with credit for solar home systems via its pay-as-you-go financing model.
Whalan, the firm’s CEO, said 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,” he added.
Whalan said the fact the company is increasingly raising debt as opposed to equity investment, and its ability to secure multiple facilities from lenders like CDC Group, is testament to the increasing strength and the financial sustainability of its business.
Last month PEG Africa raised $5-million in debt funding from the EU-funded Electrification Financing Initiative (ElectriFI).
In March the company raised a $25-million Series-C round which at the time it said it intended to use for off-grid solar expansion in Ivory Coast, Ghana and Senegal (see this story).
Read more: PEG Africa raises $5m in debt funding from ElectriFI
Read more: Asset finance firm PEG Africa raises $25m for West Africa solar expansion
Read more: Sub-Sahara Africa is top market for those that made Inclusive Fintech 50 list
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