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Largest ever investment in off-grid solar: Lumos Global raises $90 million

Lumos Global, an off-grid solar firm operating in Nigeria, has announced $90 million in fundraising, the industry’s largest ever investment.

Charting a course to transform the sector, 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 seeks to provide 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.

Elizabeth L. Littlefield, OPIC President and CEO said: “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.” She continued, “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.”

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Policy, investment and markets  •  Solar electricity