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.