IFC Facilitates Funding For Off Grid Electric In East Africa

Posted by SI Staff on February 02, 2015 No Comments
Categories : FYI

The World Bank's International Finance Corp. (IFC) has enabled a round of financing for Off Grid Electric, a solar leasing company in Tanzania.

The new facility consists of a $4.5 million loan provided by IFC and an additional $2.5 million loan from Cordiant Capital of Montreal, Quebec.

Off Grid Electric provides home solar electric systems with lithium battery storage to consumers in rural and urban Tanzania.

The company offers a low-cost model for households looking to switch from kerosene to solar, reducing the upfront cost to customers and minimizing the risks associated with maintenance and repair.

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