SunFunder has announced that Zola Electric has closed $20 Million in debt financing. The energy company was formerly called Off Grid Electric.
“SunFunder announced today [26/07/2018] the close of a $20 million for ZOLA Electric.”
A non-disclosed “family office” contributed the bulk of the debt. While SunFunder came in with a quarter of that.
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“SunFunder contributed $5 million USD and the family office acted as the arranger and completed the balance,” SunFunder wrote in the press release.
This round isn't the first time Zola Electric and SunFunder are working together.
“SunFunder and ZOLA Electric have worked together since 2014 and this financing marks the completion of their third transaction.”
SunFunder says that they are still working together because of the “ongoing success of these transactions.”
“SunFunder’s strength in building scalable relationships is a core aspect of our business and supports the long-term success of the industry,” said Ryan Levinson, SunFunder CEO.
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The debt facility will be used to fund further expansion of Zola Electric into four new African countries.
“This investment will support our growth in new and existing markets, our continued support to the communities in which we operate and the ongoing development of our industry-leading product offering,” Bill Lenihan, co-CEO, ZOLA Electric.
SunFunder has before arranged such facilities for other players in the renewable energy space.
Last year, they closed $62 Million in investor debt capital and also closed $39 solar loans. They also played the lead arranger for $14 Million worth of syndications.
Some of the companies they have worked with include; PEG Africa in Ghana, Solar now in Uganda, Astonfield in Kenya, and Inspira farms in Rwanda.
While Zola has investors including SolarCity, Omidyar Network, Segal Family Foundation and more.