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West Africa-based solar energy distributor Oolu, raises $8.5m funding

West Africa-based solar energy distributor Oolu, raises $8.5m funding

Oolu, a solar distributor in West Africa, has closed a $8.5million Series B investment round led by independent renewable energy developer RP Global.

Additional participating investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures.

Since its inception in 2015, the company said it had sold over 60,000 solar home systems to customers in the region. With this investment, the company said in a release, that it will expand its core product offering to meet the needs of its current and future customers and further develop its operations in West Africa.

Dan Rosa, CEO and co-founder of Oolu, said: “The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service.”

Oolu said its mission is to provide affordable energy access to rural and peri-urban customers in West Africa.

In addition to a large distribution and service network, Oolu employs over 250 full-time employees and is run by a Dakar-based management team of whom 50 percent are women.

Read also: Why solar energy can provide lifeline to Nigeria’s vulnerable economy

It is counting also on the support of the investors to expand the business. “RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelsolerate our growth.

“All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors especially Persistent Energy Capital,” said Rosa.

Leo Schiefermueller, Director of RP Global Africa, comments: “We are looking forward to working with the most promising solar home systems provider in West Africa. Having found a partner with such an efficient structure and excellent management makes us optimistic that this will be our greatest venture in Africa to date.

“The fantastic team at Oolu is prepared to lead the company towards a whole new level of success and growth in all areas of one of Africa’s most important challenges – ‘access to energy’.”

All On Investment Manager, Afolabi Akinrogunde added: “Oolu Solar’s operational expertise, geographical spread in West Africa, flexibility and efficiency has earned the company a leadership position in solar home systems distribution.

“Their success across the region and Nigeria gives All On the confidence that this investment will further enhance our commitment to enabling the deployment of affordable off- grid power solutions in the Niger Delta and Nigeria as a whole.”

Isaac Anyaogu is an Assistant editor and head of the energy and environment desk. He is an award-winning journalist who has written hundreds of reports on Nigeria’s oil and gas industry, energy and environmental policies, regulation and climate change impacts in Africa. He was part of a journalist team that investigated lead acid pollution by an Indian recycler in Nigeria and won the international prize - Fetisov Journalism award in 2020. Mr Anyaogu joined BusinessDay in January 2016 as a multimedia content producer on the energy desk and rose to head the desk in October 2020 after several ground breaking stories and multiple award wining stories. His reporting covers start-ups, companies and markets, financing and regulatory policies in the power sector, oil and gas, renewable energy and environmental sectors He has covered the Niger Delta crises, and corruption in NIgeria’s petroleum product imports. He left the Audit and Consulting firm, OR&C Consultants in 2015 after three years to write for BusinessDay and his background working with financial statements, audit reports and tax consulting assignments significantly benefited his reporting. Mr Anyaogu studied mass communications and Media Studies and has attended several training programmes in Ghana, South Africa and the United States

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