PEG Africa

PEG Africa

STATUS: Approved investment

Publication date: 20 December 2018
Region: Sub Saharan Africa
Country: Ghana, Côte d’Ivoire and Senegal
Sector: Solar PV – battery backup
Total ElectriFI financing: USD 5mln
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Brief description of the client and project

Formed in 2013, and starting commercial activities in 2015, PEG is the leading off-grid asset financing company in West Africa, distributing industry-leading PAYG solar home technology to consumers who lack both access to reliable electricity and formal banking services. PEG has today over 55,000 customers, over 400 full time staff and 72 service centers across Ghana and Côte d’Ivoire and recently in Senegal. ElectriFI will provide 20% of the financing required to grow the customer base up to around 128,000 customers, meaning providing access to electricity to more than 640,000 people. PEG is expected to have 750 FTE toward end of 2020 and to have more than 1000 direct sales agents active in the field.

Funding objective

PEG Africa is now raising USD 25mln. ElectriFI will subscribe to a USD 5mln junior corporate debt as part of a USD 25mln total round. This is catalyzing the senior debt tranche (USD 15mln) to enable the company to further grow its footprint in Ghana and Côte d’Ivoire while at the same time it will pursue further international expansion into Senegal and other markets.

Why ElectriFi wants to fund this project

ElectriFI is supportive of PEG’s SHS business model as it replaces kerosene and solar lanterns while bringing high-quality, stable, low cost, clean energy to remote rural BoP households, with a high additionality both in terms of financial and E&S impact.

Environmental and social rationale: Which IFC PSs are triggered and the rationale behind it

PEG Africa is a category B project with regards to E&S given the level of risk associate with the energy service provided and the Solar Home Systems (SHS) installed in the customer’s household. The E&S impacts are considered minimal.


The information as disclosed is indicative and provided on an “as-is/as available” basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of ElectriFI in its sole and absolute discretion.

In case of questions

This approved investment is online for 30 days. In case of questions, please contact