PowerGen
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Project overview
Founded in 2011, PowerGen Renewable Energy is one of the leading solar power company active in East Africa. PowerGen aims at deploying a 120MW portfolio of renewable mini-/metro-grids and commercial and industrial (C&I) power solutions, inclusive of battery energy storage.
ElectriFI subscribed in 2019 to a USD 2 million investment to a capital increase an renewed its support in 2025 at Series C with an additional USD 5 million investment.
Funding objective
After a first USD 2m equity investment in 2019, as part of Powergen Series B fundraising, ElectriFI continues supporting Powergen’s growth, being part of its Series C fundraising together with other investors. The round will fund operations over the next 3 years to grow scale and reach profitability while the company will deploy mini/metro-grids and C&I projects across different countries in sub-Saharan Africa.
Investment rationale
EDFI ElectriFI is supportive of PowerGen business model as it contributes to positive developmental impact as it enables reducing kerosene and diesel consumptions, while bringing high-quality, affordable and reliable electricity to ‘bottom of the pyramid’ households, while also having positive environmental and economic impacts.
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Key Indicators
Financial Instrument
Equity
Amount
USD 7m
Year
USD 2m (Dec 2019) and USD 5m (Jan 2025)
Targeted impact
