Record investment into off-grid solar in 2022 still not enough for universal energy access by 2030

Off-grid industry association GOGLA’s latest Investment Database shows a record investment of $746 million into the off-grid solar sector in 2022, a 63% growth on 2021.

The GOGLA Investment Database finds that the 63% increase in investment was largely driven by the success of some companies as they hit their scale-up phase.

The all-time high investment during 2022 is reason to celebrate because large investment and exits and the recycling of capital to patient investors shows the viability of the off-grid solar business model.

Financial instruments that blend equity, grant and debt capital, along with a patient approach to returns, is key to de-risking and incentivising companies to reach hundreds of millions of people with clean technology solutions.