An off-grid solar firm operating in Nigeria has raised over ₦43 billion in funding

by | Dec 7, 2016

Lumos Global, an off-grid solar firm operating in Nigeria has raised $90 million in investment, to expand operations into other countries.  Lumos Global’s innovative solar system provides affordable and accessible renewable electricity in communities that have limited or non-existent electricity access. In partnership with MTN Nigeria, Lumos Global grants customers access to electricity for less than ₦240 a day, using airtime.

The investment comprises of a $50 million debt funding from Overseas Private Investment Corporation (OPIC) and a $40 million equity funding led by Pembani Remgro Infrastructure Fund (PRIF) and existing investors.

“In Nigeria, only half the population is connected to the grid, and only 25% 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.” – Elizabeth L. Littlefield, OPIC President and Chief Executive Officer.

Lumos plans to use the capital to grow in Nigeria and satisfy the high demand for its solar systems. The company is demonstrating the growing business maturity of off-grid small business and residential solar systems.

“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.” – Davidi Vortman, CEO of Lumos Global

This investment enhances Lumos Global’s position as one of the fastest growing off-grid solar firms worldwide. Lumos will be rolling out services to homes, small businesses and community service centres such as hospitals, churches and mosques.

Emmanuel Ogunsola
Emmanuel Ogunsola

I love telling stories using text, pictures and videos. It’s all about the little details.

Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Notify of
Inline Feedbacks
View all comments

Recent News

$2 million to drive learning via WhatsApp 

$2 million to drive learning via WhatsApp 

On #TechpointDigest, we discuss how major players in the African mobility space can change the mobility narrative, FoondaMate’s $2 million funding, Twitter Create, and AMP’s $5.6 million seed round.

[PODCAST] Taxing calls to give you healthcare

[PODCAST] Taxing calls to give you healthcare

The Nigerian government wants to tax phone calls to provide better healthcare. In today’s edition of the #TechpointAfricaPodcast, we discuss possible implications and upsides to this.

TABS is tomorrow! 💃 💃

TABS is tomorrow! 💃 💃

On #TechpointDigest, we discuss Victory Farms’ $5m investment, Netflix for kids and people with disabilities, and TikTok’s plan to credit creators.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap