West Africa’s booming off-grid solar industry is drawing international investors eyeing expansion.
Lumos Global, a Dutch off-grid developer that raised $90 million last year to start business in Nigeria, said it’s expanding in Ivory Coast this month. In both countries, Amsterdam-based Lumos is using a partnership with MTN Group Ltd. that allows customers to pay for solar power with their mobile phones.
“It’s all very clear that this is a viable solution,” said Lumos co-founder Nir Marom in a telephone interview from Lagos, Nigeria. “It’s growing in all of Africa, specifically West Africa.”
Sub-Saharan Africa has the lowest rates of energy access on the planet and is home to about half of the world’s 1.2 billion people without reliable electricity,