Akon went from R&B to R&D - and now he's considering an IPO of his solar business.
In just three years, the Akon Lighting Africa initiative has completed 203,200 small-scale solar projects including the installation of miniature grids and street lighting across 17 African countries. Since releasing his last album seven years ago, Akon’s built his solar business, Akon Lighting Africa, with credit lines of $1 billion from Chinese backers. The venture has structured about $400 million of solar deals to date. Company plans to expand in Africa, India, China and Brazil.
Back in 2004, when Akon released his debut album Trouble, the off-grid solar industry didn’t exist. Fast-forward 13 years later and the demand for off-grid rooftop panels and miniature grids is growing exponentially. The market increased to about $700 million in 2015, according to Bloomberg New Energy Finance.
#Solar #futureissolar #MarketInsights #YeriteServices #Entrepreneur#Akon #ThioneNiang #SambaBathily #AkonLightingAfricainitiative