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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