Lumos and Opic close first funding round
1 July 2016. Lumos Group has closed its first funding round provided by the Overseas Private Investment Corporation (OPIC). The U.S. Government’s Development Finance Institution signed an agreement today recognizing a $15 million commitment by OPIC to finance Lumos’ expanding business as an off-grid electricity provider that brings solar electricity to homes and small businesses throughout Nigeria. The signing was part of Secretary John Kerry’s Climate and Clean Energy Investment Forum.
Lumos has created the technology for a ‘home power station in a box’, which includes a solar panel activated by text messaging, that can supply sufficient clean, off-grid electricity for households and small to medium businesses in developing countries.
The Lumos enterprise is widely praised for its innovative character, improving the standard of living for people in Nigeria and soon in many other locations around the globe. Lumos has also just announced its expansion plans into East Africa.
Lead counsel to Lumos with respect to the OPIC financing was U.S. law firm Chadbourne & Parke and co-counsel for matters of Dutch law was Amsterdam based law firm Penrose. Mayer Brown acted as U.S. counsel to OPIC.
Penrose has been providing Dutch legal assistance to Lumos for several years, including corporate governance and financing matters.