Solar Panda snaps up off-grid solar provider Vitalite Zambia

Solar Panda Corporation, a Canada-based company providing home solar systems to rural communities without access to electricity in Africa, unveiled the acquisition of sector player Vitalite Zambia Limited, expanding its footprint into a third country on the continent.

Studying at night with Solar Panda lights. Image source: Solar Panda.

The investment adds more than 100,000 customers to Solar Panda’s portfolio and strengthens its vertically integrated supply chain. It supports the North American company’s goal to serve millions of households by 2030 and adds to its recent expansion into Senegal and its existing operations in Kenya.

Founded in 2013, Vitalite Zambia says it is the first company to offer pay-as-you-go solar home systems in Zambia. Its offering also includes clean cook stoves and productive use appliances.

The transaction, financial details of which were not disclosed, does not include Vitalite Group Limited (Malawi), which will continue to operate independently, a press statement says.

Launched in 2017, Solar Panda applies a loan-to-own model that helps homes and small businesses secure electricity for less than the daily cost of kerosene and mobile phone charging.

The off-grid solar provider is currently raising its Series B funding round aimed at speeding up its international expansion. Its extended Series A round fetched CAD 13 million (USD 9.49m/EUR 8.30m) in 2022.

The firm counts among its backers Export Development Canada (EDC), a Canadian Crown corporation, Oikocredit and Electrification Financing Initiative (EDFI ElectriFI).

(CAD 1 = USD 0.730/EUR 0.639)