Novas Lumos raises $90 million to deploy off-grid solar systems in Nigeria

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Novas Lumos raises $90 million to deploy off-grid solar systems in Nigeria

06 Dec 2016, 09:20 am

Financial Nigeria

Novas Lumos raises $90 million to deploy off-grid solar systems in Nigeria

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The Amsterdam-based company said it raised $50 million in debt from the Overseas Private Investment Corporation, the American development finance institution, and $40 million in equity from private equity firms including Pembani Remgro Infrastructure F

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Solar Panels

Novas Lumos, a Dutch solar power company, has raised $90 million from development banks and private equity investors to deploy off-grid solar systems in Nigeria, according to Bloomberg.

The Amsterdam-based company said it raised $50 million in debt from the Overseas Private Investment Corporation, the American development finance institution, and $40 million in equity from private equity firms including Pembani Remgro Infrastructure Fund, VLTCM, and ICV.

The Lumos solar system includes a large solar panel linked to an indoor storage unit that supplies electricity to power electronic devices such as LED lights, mobile phones, TVs, computers, etc.

The service is provided on a lease-to-own basis, with users making payments via MTN mobile phone credits.

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