Investment in off-grid solar industry up sharply again – but still far too low

The Global Off-Grid Lighting Association’s (GOGLA) annual evaluation of investments in off-grid solar power system companies records a new all-time high of $ 746 million for 2022, $ 289 million more than the previous record set in 2021. Of the 2022 total, $ 395 million were equity investments, $ 340 million loans, and $ 11 million grants.
Since 2012, the GOGLA database has recorded global investments in around 150 companies in the sector, which is particularly important for rural electrification in regions without a functioning power grid. In total, it now covers a volume of $ 3.1 billion. To achieve »basic universal electricity access,« the organization estimates that $ 23.3 billion is still needed. Electrification that would also allow larger consumers such as refrigerators to operate everywhere would require $ 48.8 billion.

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