Solar home system provider Lumos has obtained new financing to the tune of $35 million from the US International Development Finance Corporation (DFC) to expand its existing market for providing solar power in Nigeria.
It is reported that at present over 160 million people in Nigeria have poor or no access to the electricity grid. The solar company noted that the new financing will enable it to produce an additional 160,000 solar home systems (SHS) to meet ever-increasing demand from homes and businesses across the country where it already has a majority of the market share.
According to a company statement, this is aligned with the Nigerian government’s plans, announced in June, to connect five million households to solar power.
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