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PEG Africa is raising $4 million in debt facility for Senegal growth

Izunna Okpala

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Pay-as-you-go (PAYG) solar company based in West Africa “PEG Africa” has continued an impressive fundraising year to allow it to expand its operations in Senegal.

PEG Africa is a pioneer in households and small and medium-sized enterprises solar installation and financing in West Africa. This allows consumers to replace their constant spending on polluting fuels of poor quality such as kerosene and diesel with solar energy through its PAYG financing system. PEG is currently serving over 400,000 daily users in Ghana, Cote d’Ivoire and Senegal, and has recently expanded into solar water irrigation and bigger solar power systems.

The company has finished its first 12 months in Senegal profitable, and has now allocated US$4 million from a debt facility led by UK’s CDC Group to expand operations in Senegal.

Over the past year, the company raised approximately US$ 30 million in funding, including a US$ 25 million Series C round revealed in January, backed by a US$ 15 million multi-currency facility led by CDC Group, the UK’s development finance agency, as well as SunFunder and ResponsAbility. The same facility led by CDC Group has now provided $4M debt capital to PEG to finance its growth in Senegal.

PEG already has thousands of customers in Senegal, and the latest round of investment will be used to double down on the growth it has seen in the country.

“Senegal has been growing far quicker than expected, and has reached profitably within its first year,” said PEG Africa chief executive officer (CEO) Hugh Whalan.

“With the continued backing of CDC Group, we expect our growth in Senegal to continue. Importantly, we believe that we will be able to apply our learnings and expansion playbook to yield superior results as we grow into future markets.”

“CDC is pleased to back PEG Africa to help fuel their expansion in Senegal. We’re proud of our partnership with PEG, which is bringing the phenomenal impact of pay-as-you-go solar to new and underserved markets in West Africa with a focus on financial sustainability and innovation,” said Geoffrey Manley, Director, Head of Energy Access & Efficiency at CDC Group.

This funding announcement comes on the heels of the US$5 million debt funding from ElectriFI last month. Whalan said the fact the company was increasingly raising debt as opposed to equity investment, and its ability to secure multiple facilities from well regarded lenders like CDC Group, was a testament to the increasing strength and financial sustainability of its business.

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US inauguration: How to watch the inauguration and parade

Izunna Okpala

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Mr. Biden and Ms. Harris will be sworn in as the President and Vice of the United States of America respectively. They will be along with their spouses, Jill Biden and Douglas Emhoff. They will conduct a review of the military and visit Arlington National Cemetery to lay a wreath at the Tomb of the Unknowns. They will be joined by three former presidents and their wives, who will also be present at the swearing-in: Barack and Michelle Obama, George W. and Laura Bush, and Bill and Hillary Clinton.

Watch the live coverage below:

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A conference on blockchain and health is scheduled to be held at the Africa Blockchain Developers Call.

Izunna Okpala

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The Africa Blockchain Developers Call (ABDC) Pan-African Bootcamp on blockchain technology has declared its intention to hold a weekend conference on incorporating blockchain technology into Africa’s health sector.

In an attempt to execute comprehensive blockchain training sessions and promote the implementation of specially designed applications for different sectors in Africa, the Bootcamp, officially launched on 5 September, has taken on a host of African developers.

The Bootcamp also features virtual weekend conferences on many use-cases for blockchain. These conferences are aimed at encouraging creative and comprehensive discussions on the implementation of blockchain technology in Africa, including platform presentations by businesses and panel sessions on many Blockchain issues. The first meeting, focusing on Blockchain in Finance, took place on September 5. It featured a keynote speech given by Professor Anicia Peters, University of Namibia Pro-Vice Chancellor for Science, Innovation and Development.

The next conference, scheduled to take place on October 3rd, will focus on the theme: Blockchain in Health. The keynote speech will be given by Arnab Paul, President of the Kolkata Chapter in India. Several organizations and startups will also give platform presentations via their representatives based on medical use cases for blockchain technology.

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HealthPlus is experiencing a power struggle 2 years after obtaining $18 m from Alta Semper Capital

Izunna Okpala

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A press release apparently released on September 25 by the Board of HealthPlus, one of the largest integrated pharmacy chains in West Africa, confirmed that the company no longer needed the services of its founder, Bukky George, as CEO.

The decision to terminate the appointment of George came with the announcement of Chidi Okoro, the interim leader.

Okoro, a renowned pharmacist and management executive, is to take on the position of Chief Officer of Transformation. Okoro, akin to the position of a CEO, can simplify day-to-day management, help the company scale, and achieve profitability.

And a letter that appears to be from the board of HealthPlus to the Pharmacists Council of Nigeria (PCN) states that George “remains a shareholder of the company, a member of the board of the company, and may engage at board level in the company’s decision-making process.”

Afsane Jetha and Zachary Fond, Managing Partner & CEO, and Director of Alta Semper Capital, respectively, have signed it off.

From investment and partnership to a fight for power

Alta Semper Capital LLP is a private equity (PE) company that invests in Africa-wide healthcare and consumer businesses. In 2017, the PE company invested in Macro Pharma, a medicated cosmetics company in Egypt.

It made deals with HealthPlus and the Moroccan oncology and radiology clinic, Oncologie et Radiologie du Maroc (ODM), the following year.

The letter from Alta Semper Capital to the PCN

Source Techpoint

The HealthPlus investment was $18 million.

HealthPlus, founded by George in 1999, has expanded to more than 90 retail outlets, employing over 850 employees, including more than 150 pharmacists. In Nigeria, the company claims to be present in 11 of the 36 states in the world.

Operating branches in strategically placed suburban areas, airports, and shopping malls are also recognized.

Alta Semper Capital ‘s investment was to help HealthPlus grow its store footprint. In addition, to attract more talent, grow fulfillment centers and pursue initiatives in eCommerce.

The cash inflow, however, is said to have given the PE firm a majority stake in the company, which is one of the reasons why the company is facing problems at the moment.

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