Lumos receives $35 million from DFC to expand renewable energy access to over 1 million Nigerians
Summary
He added that some investors are looking at large-scale deployments, which would be a better alternative to lighting up a larger population, but they all take a huge amount of time.From an economic perspective, investing in solar will unlock Africas potential for growth, generating more revenue. Together, we can help unlock Africas enormous potential for growth, he said.Nigerias ever-rising population and the unmet demand for electricity, especially in rural areas, have driven Lumoss solar home system to gain acceptance among the electricity-hungry locals. Most of these economies are active, and with the national electricity supply already strained, small business owners are looking for ways to generate income to provide for their families.Lumos is one of the many solar companies operating in the vast and promising West African market. With the current Lumos PAYG solar package, customers pay a $40 installation fee then subscribe for electricity access thats billed at a rate of $0.50/day. According to 2019 statistics, though, nearly 90 million Nigerians live below $1 a day, and by extrapolation, not many people can comfortably afford the off-grid solar home system.However, the better part is that customers make daily or monthly payments to reimburse the installation and become owners of their equipment after a couple of years.