Solar energy outside the traditional electricity grid – so-called off-grid solar – attracted investments worth almost 300 million dollars (approximately 2 billion DKK) in 2024. This is a decrease of 30 percent compared to the previous year. This is shown by new figures from GOGLA, an international trade association for off-grid solar companies. GOGLA writes this in a press release.
– Many companies have been pressured by less investment, and some have had to close. But those that remain have done well and continue to provide important solutions to people without access to electricity, says Laura Fortes, who is responsible for the financing area at GOGLA.
Established companies in particular have received the majority of the money – 229 million dollars (approximately 1.5 billion DKK). Several of them have used advanced forms of financing, which make it possible to raise capital without taking a lot of risk. One example is that the company Ignite has acquired Engie Energy Access – one of the major players in the sector.
On the other hand, investments in start-ups have fallen by 70 percent. This is due to the fact that venture capital has generally become more reluctant in Africa. But it has also meant that the companies that remain are stronger and more focused.
Brand new companies have received a total of 21 million dollars (approx. 140 million DKK). These are companies that are still developing their first products. The money often comes from a mix of grants and investments, and the goal is to help them get started. Half of the money went to solutions used in, for example, agriculture and small businesses, and over half of the recipients were locally owned.
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