We are pleased to announce that SunFunder has led an $8 million syndication for leading off-grid solar company PEG Africa in West Africa.
SunFunder arranged the large multi-currency syndicated loan – an industry first – to bring in five other lenders, including responsAbility, Oikocredit, Global Partnerships and Palladium Impact Investments.
The debt facility formed the larger part of a $13.5 million fundraise by PEG Africa, which also included Series B equity financing. Audrey Desiderato, COO of SunFunder, commented:
“We have seen PEG Africa achieve major milestones in the last few years. By structuring and arranging this syndication on PEG’s behalf, we have provided scalable financing so they can focus on their core business.”
The company will use the proceeds to accelerate growth in Ghana and Côte d'Ivoire, where it is already an industry leader. That will enable it to provide commercial energy access for 500,000 people, said Hugh Whalan, CEO of PEG Africa:
“With this funding, PEG Africa will be able to reach a major milestone of extending energy and financing to half a million people. We are excited that we can now accelerate our growth plans in key West African markets.”
This comes swiftly after SunFunder announced leading its first syndication, acting as arranger, lender and facility agent for a $6 million off-grid solar receivables financing facility for SolarNow in Uganda.