New York, NY. Nixon Peabody LLP advised PEG Africa, the leading off-grid solar company in West Africa, in a USD $13.5M deal to expand reliable electricity access to the region’s unbanked consumers deemed risky by banks and microfinance. This recent round of fundraising will allow PEG Africa to provide direct loans and electricity to an additional half-million consumers in rural Ghana and Ivory Coast who earn $5–$10 per day and have little to no credit history. To date, PEG Africa has raised over USD $21M in funding.
“Nixon Peabody has been an invaluable partner since our inception, through successive rounds of financing from the time we were only two co-founders to nearly 300 full-time employees today,” said Hugh Whalan, CEO of PEG Africa. “We would not be where we are today without their support.”
PEG Africa, a sector leader in the region, uses a proprietary pay-as-you-go technology that allows the company to control home systems solar assets in rural areas while their customers service their loans in small payments over time.
On the debt side, Nixon Peabody’s Global Finance partner Frank Hamblett and associate Sophie Morgan advised on the senior secured syndicated term loan facility, which was arranged by solar energy financier SunFunder and included lenders ResponsAbility, Oikocredit, Global Partnerships and Palladium Impact Investments.
On the equity side, Nixon Peabody’s Public Company Transactions partner Dan McAvoy and Private Equity and Investment Funds associate Rachel Pugliese advised on the Series B fundraising, which was led by Blue Haven Initiative and included participation from EAV, Investisseurs & Partenaires (via IPAE 1 fund), ENGIE Rassembleurs d’Energies, Acumen and PCG Investments.