Oolu Solar, a Senegal-based startup aiming to provide affordable solar energy in West Africa, recently closed its Series B round of funding at USD 8.5 million, with Austria-based RP Global acting as the lead investor. Other participants included US-based Persistent Energy Capital; All On, which is backed by Royal Dutch Shell; France-based Gaia Impact Fund; and Singapore-based DPI Energy Ventures.
Oolu, which was founded in 2015 by Nilmi Senaratna and Daniel Rosa, provides solar panel kits with storage capacity for after-dark use. As of 2020, Oolu has enabled solar energy in 60,000 homes in Senegal, Mali, Burkina Faso and Nigeria. With the completion of this funding round, Oolu’s investment inflows total USD 11.7 million since its inception.
Founded in 1991, RP Global first focused on developing, funding and operating hydroelectric and wind-energy projects. It has developed 35 power plants as of 2020.
By Eha Joshi, Research Associate
Sources and Additional Resources
Techpoint Africa article on Oolu
https://techpoint.africa/2020/12/15/oolu-solar-raises-8-5m-series-b
Sun-Connect article on Oolu
https://www.sun-connect-news.org/news/details/press-release-oolu-a-west-africa-based-solar-pay-as-you-go-distributor-raises-85-million-in-ser
Oolu homepage
https://oolusolar.com
RP Global homepage
https://www.rp-global.com
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