PAS Solar raised $10 million in syndicated loans to expand its operations in Nigeria. The UK-based company is looking to power more than 150,000 households, through solar home installations, over the next five years.
The five-year syndicated loan was led by the Renewable Energy Performance Platform (REPP), which provided initial financial assistance of $2.2 million. The Electrification Financing Initiative (ElectriFI) of the European Commission also provided $3 million. The remaining $4.8 million was obtained through a progressive loan obtained from several investors.
PAS Solar has already distributed 3,500 solar home systems in Nigeria's remote communities, providing electricity to 17,500 people. The company aims is to distribute 35,000 of these systems over the next five years.