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PEG Africa (follow on)

Country
Ivory Coast
Technology
Solar PV
Business model
SHS

Investment name: PEG Africa

Contract signature date: Sept 2020

Website: https://pegafrica.com/

Total ElectriFI Financing: EUR 1,27 m

Environmental and Social Category: B

(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Project overview:

Starting commercial activities in 2015, PEG is the leading off-grid asset financing company in West Africa, distributing PAYG solar home technology to consumers who lack access to reliable electricity, most of them in rural areas. As of June 2020, PEG has served nearly 100 thousand households, employs over 490 full time staff and operates 80 service centers across Ghana, Côte d’Ivoire, Senegal and recently in Mali. The transaction consists in a top-up junior facility earmarked for Côte d’Ivoire. PEG is expected to have 750 FTE toward end of 2020 and to have more than 1000 direct sales agents active in the field.

Why ElectriFI wants to fund this project:

PEG Africa is now raising funds with investors. ElectriFI will subscribe to a USD 1.5mln junior corporate debt. This enables the company to further grow its footprint in Côte d’Ivoire.

ElectriFI is supportive of PEG’s SHS business model as it replacing kerosene and solar lanterns while bringing high-quality, stable, low cost, clean energy to remote rural BoP households, with a high additionality both in terms of financial and E&S impact.

Environmental and Social Rationale:

The Project is rated category B. Activities come with limited adverse risks associated with waste management and battery disposal. IFC Performance Standards 1 to 3 can be triggered. PEG has developed and is currently implementing a management system to address the social and environmental risks and potential negative impacts of their activities.

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