To fund its mission to connect 76,00 Nigerians to reliable power using mesh-grid technology by 2025, Okra Solar has secured $4.5 million from EDFI ElectriFI via the ElectriFI Country Window for Nigeria.
Afnan Hannan, co-founder and chief executive officer of Okra Solar, claims that 80 million Nigerians still lack access to reliable electricity even though "off-grid alternatives like mesh grids are 10 times cheaper than grid expansion for hard-to-reach areas." Okra is thrilled to be partnering with EDFI ElectriFI to provide cutting-edge financial solutions that will allow regional power providers to quickly expand the use of mesh grids.
In 2016, Okra Solar began developing its mesh-grid technology, which consists of its patented Okra Pod and is supplied with PV panels, a battery, and an inverter to provide electricity to unserved or underserved areas. The core of Okra Solar's value proposition is the Okra Pod, a novel device that allows the solar systems placed at each residence to interact and exchange electricity over a low-voltage transmission connection (forming a so-called mesh grid).
Now, the business is reorienting itself toward the lucrative Nigerian market.
The investment from EDFI ElectriFI is a revolving working capital facility that will enable Okra to capitalize on the growing demand for its technology, deepen its foothold in the Nigerian market, and hasten the country's transition to sustainable electricity.
Okra Solar's innovation is revolutionary, the company claims. We're pleased to play a role in easing and speeding up the construction of micro- and mini-grids to provide electricity to Nigeria's rural areas. Okra has won many accolades, and this has inspired confidence in the highly experienced Okra Team, as ElectriFI Senior Investment Officer of EDFI MC, Maud Watelet, noted.
In Nigeria, EU embassies and host governments work together to create the ElectriFI Country Window. In true Team Europe fashion, it makes an important contribution to the country's overall electrification agenda.
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