BUSINESS & FINANCE
BUSINESS & FINANCE
Largest ever investment in off-grid solar : Lumos Global raises $ 90 million
Lumos Global , an off-grid solar firm operating in Nigeria , has recently announced $ 90 million in fundraising , the industry ’ s largest ever investment . With this record breaking investment , Lumos Global is demonstrating the growing business maturity of off-grid small business and residential solar systems .
C harting 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 centres such as hospitals , churches and mosques . Lumos will also seek to expand into other countries , building on its foundation in Nigeria .
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 ’ s leading mobile phone operator , Lumos Global allows its customers to pay for the system as they go , obtaining electricity for less than 50 US cents a day , using mobile phone credit . The recently completed funding round was comprised of a series of commitments , including $ 50 million of debt funding from Overseas Private Investment Corporation (“ OPIC ”), the U . S . Government ’ s development finance institution and a total of $ 40 million 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 . This investment enhances Lumos Global ’ s position as one of the largest and fastest growing off-grid solar firms worldwide , and positions it to transform millions of lives around the globe .
“ 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
“ 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 .”
Elizabeth L . Littlefield , OPIC President and CEO
“ Lumos Global has established a strong track record in deploying the next generation of smart infrastructure in Africa , which is what PRIF is seeking to finance . We are thrilled with this new partnership and are looking forward to supporting Lumos Global in deploying solar systems across emerging markets in Africa and globally .”
Herc van Wyk , CEO of Pembani Remgro Infrastructure Managers
Punj Lloyd Ltd has informed BSE that Punj Lloyd Infrastructure LTD ( PLIL ), a wholly owned subsidiary of the Company has executed definitive agreements with India Power Green Utility Private Limited ( IPGUPL ) to co-develop 30 MW of solar assets in Uttarakhand
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EQ December 2016
unj Lloyd Ltd has informed BSE that Punj Lloyd Infrastructure Limited ( PLIL ), a wholly owned subsidiary of the Company has executed definitive agreements with India Power Green Utility Private Limited ( IPGUPL ) to co-develop 30 MW of solar assets in Uttarakhand , in respect of three Solar Power Projects , each of 10 MW capacity won by PLIL under the tarrif based competitive bidding process in October 2015 to be executed by its Wholly Owned Subsidiaries ( WOS ) viz . PL Surya Vidyut Limited , PL Sunrays Power Limited , and PL Solar Renewable Limited . As per the transaction , PLIL will
divest 49 % of its shareholding in its three subsidiaries viz . PL Surya Vidyut Limited , PL Sunrays Power Limited and PL Solar Renewable Limited . The SPVs have signed 25 years power purchase agreements with Uttarakhand Power Corporation Limited . The Company shall be responsible for the entire engineering , procurement and commissioning of the above projects . The transaction is expected to be completed once customary closing conditions and approvals are obtained . Greenstone Energy Advisors is acting as the exclusive financial advisor to PLIL for the transaction . Source : moneycontrol
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