Music Star Akon Lights Up Africa with Jiangsu Solar Company
Last June, platinum-selling music artist Akon reportedly suggested that he might attempt to launch an IPO for his New York-based Solektra International solar company.
The Senegal-raised singer’s company is said to have structured some $400 million worth of solar deals to date, including the massively successful launch of the Akon Lighting Africa initiative in February 2014, in which he has 200,000 small solar projects and provides lighting in 14 African countries.
Akon said Jiangsu became interested in the venture after tariffs in the U.S. and Europe made it prohibitively expensive to sell Chinese solar technology in the west. Under the agreement with ALA, Jiangsu provides solar arrays and bills African governments, allowing them to pay back the outlay in three to five years, according to Forbes.
