Cordiant Capital and IFC Provide Financing Package to Off Grid Electric (Sub-Saharan Africa)
Source: International Finance Corporation
Cordiant Capital, a fund manager specializing in emerging markets investments, and development finance institution International Finance Corporation (IFC) have provided a financing facility to Tanzania-based solar leasing company Off Grid Electric. The new facility consists of a US$4.5 million loan provided through the IFC Cleantech Innovation Facility and an additional US$2.5 million loan from Cordiant Capital. Off Grid Electric provides home solar electric systems, which can be operated via mobile phone, to consumers in rural and urban Tanzania. The company aims to reach 200,000 households by the end of 2015.