Okra Solar Secures USD 7 M Debt Facility From BII For Nigeria Expansion

Okra Solar, an off-grid energy startup founded in 2016 by Afnan Hannan, has secured a USD 7 M debt facility from British International Investment (BII) to expand electricity access in rural Nigeria.

The Nigerian-founded company develops mesh-grid technology that connects neighbouring homes and businesses to shared solar generation and battery storage, providing an alternative to standalone solar systems and conventional mini-grids.

Okra, which previously raised a USD 12 M Series A in 2023, currently serves more than 13,000 households, with over 2.3MW of installed capacity. The financing will support equipment procurement for approximately 150,000 new connections, potentially bringing electricity to 750,000 people. It will also help reduce equipment costs and cut delivery times from four months to about two.