Top Off-Grid Solar Firm Targets 1.5 Million Malagasy Customers

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessTop Off-Grid Solar Firm Targets 1.5 Million Malagasy CustomersSun King, the world’s largest off-grid solar company, plans to sell products in Madagascar and targets connecting 1.5 million customers by 2030.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Sun King, the world’s largest off-grid solar company, plans to sell products in Madagascar and targets connecting 1.5 million customers by 2030. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe expansion into a 12th country in Africa, which will cost as much as $50 million, is expected to benefit from some World Bank funding. The company is seeking to align its push with a program led by the multilateral lender and the African Development Bank to connect 300 million people on the continent to electricity by 2030. “Electrification rates here are generally low,” Wale Aboyade, vice president for public affairs at Sun King, said in an interview from Antananarivo, the capital of the island nation. “It’s not connected to the rest of the continent, so they can’t exactly get power through power pools and imported diesel is expensive. So our solution is coming in at the right time.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againAbout 560 million Africans live without power, or about 80% of the global total. Sun King, founded in 2007 as Greenlight Planet by three University of Illinois graduates, supplies an array of equipment including the batteries and small solar panels used across Africa, where access to national grids is limited and power supply is often erratic. Its goods are sold on a pay-as-you-go basis, with payments made through mobile-money platforms.The target of 1.5 million connections forms a large part of the 3.5 million connections Madagascar has forecast are needed for stand-alone off-grid equipment as part of its so-called compact signed with the World Bank and African Development Bank. “This investment supports our national-energy compact,” Energy Minister Radonirina Rabearimanga said in a statement. It is our “ambition to reach 80% electricity access by 2030” up from about 39% now, he said. 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