November 17, 2024 2:52 am
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Rose Law Group client SolarCity leads $7M round in off-grid African solar firm

Xavier Helgesen, Josh Pierce and Erica Mackey, co-founders of Off.Grid- Electric.
Xavier Helgesen, Josh Pierce and Erica Mackey, co-founders of Off.Grid- Electric.

By Stephen Lacey | Greentech Media

SolarCity became America’s biggest solar company by providing solar services to people who can’t afford to pay upfront for a system. It’s now looking to do the same for off-grid solar in developing countries.

SolarCity has joined up with venture firms Vulcan Capital and Omidyar Network to invest $7 million into Off-Grid Electric, a Tanzania-based company providing solar lighting services in Africa. The investment round is part of a flurry of venture activity in the off-grid solar sector.

Rumor surfaced last week that SolarCity was making a significant investment in off-grid solar, but Greentech Media was unable to confirm the details. VentureBeat broke the news yesterday of the $7 million round, which puts SolarCity CEO Lyndon Rive and Vulcan Capital Managing Director Steve Hall on the board of Off-Grid Electric.

Continued:

Related: SolarCity Halts Battery-Grid Connect Apps

If you’d like to discuss energy issues, contact Court Rich, director of Rose Law Group’s Renewable Energy Department at crich@roselawgroup.com

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