OPIC, the U.S. Government’s development finance institution, is committing $15 million to finance Nova-Lumos, a Nigerian company providing small businesses and residences across Nigeria with solar electricity. The financing allows Nova-Lunos to increase power access to the nearly 90 million Nigerians who currently live without connection to the electric grid.
“Lumos brings vision, innovation, and sound business sense to address the power access challenge in Africa,” said Elizabeth Littlefield, OPIC’s President and CEO. “With a dedication to those who live off-grid or have unreliable power access, Lumos’ creative business model will positively impact millions with new affordable electricity access in homes, businesses, medical facilities, and schools.”
Nova-Lumos was also a recipient of early-stage catalytic funding through OPIC and the Africa Clean Energy Finance initiative (ACEF), a partnership with the U.S. State Dept. that provided crucial start-up capital for 30 innovative clean energy projects across 10 African countries, designed to help projects to progress to a financially viable stage.
This is OPIC’s largest investment in the off-grid power sector in Africa, a key component of increasing energy access in a region where people are not grid-connected.
“We are very excited about this major financing milestone in partnership with OPIC, which will enable us to accelerate our growth in Nigeria and improve the lives of millions,” said David Vortman, CEO and Co-Founder at Lumos. “Having the backing of an institution such as OPIC provides a vote of confidence in Lumos’ innovative core technology and our unique business model that drives most of our value as a company.”