PEG Africa, a West Africa-based pay-as-you-go (PAYG) solar company has received $4M debt capital from CDC Group to finance its growth in Senegal.
PEG Africa is currently serving over 400,000 daily users in Ghana, Cote d’Ivoire and Senegal, and has recently expanded into solar water irrigation and bigger solar power systems.
The firm says it has been profitable in Senegal in its first 12 months and is allocating US$4 million from a debt facility led by UK’s CDC Group to expand operations in the country.
PEG already has thousands of customers in Senegal, and the latest round of investment will be used to double down on the growth it has seen in the country.
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