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PEG Africa

Solar PV
Business model

ElectriFI subscribed to a USD 5 million junior debt in PEG Africa to finance its distribution of Solar Home Systems in Côte d’Ivoire and Ghana as well as its expansion to Senegal. The ElectriFI financing is accompanying a capital increase and both are catalyzing a senior debt tranche involving CDC group.

Contract Signature: September 2019

Countries: Ghana, Côte d’Ivoire and Senegal

Total ElectriFI Financing: EUR 5M

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 company deploying and financing solar to off-grid homes in West Africa, distributing industry-leading Pay-As-You-Go solar home technology to consumers who lack both access to reliable electricity and formal banking services. PEG has over 75,000 customers, over 450 full time staff working in 72 service centers across Ghana, Côte d’Ivoire and Senegal. ElectriFI will provide 20% of the financing required to grow the customer base up to around 128,000 customers, meaning providing access to electricity to more than 640,000 people. PEG is expected to employ 750 people by the 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 raised a USD 25m Series C round. ElectriFI participation is a part of that round, with a USD 5m junior corporate debt. This is catalyzing the senior debt tranche (USD 15m) to enable the company to further grow its footprint in Ghana and Côte d’Ivoire while at the same time it will pursue further international expansion into Senegal and other markets.

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


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Number of beneficiaries
Annual output (MWh/y)
GHG avoidance (tCO2eq/y)

Key indicators

PEG Africa
Financing instrument
Junior debt
EUR 5m
Ghana, Côte d’Ivoire and Senegal
Solar PV
Business Model
Solar Home Systems
ElectriFI global

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