TLG Capital backs Koolboks with credit facility to scale solar cooling across Africa
TLG Capital provides credit facility to Nigerian solar cooling company Koolboks to fuel expansion across African markets. The financing combines TLG's private credit with a Cascador guarantee, delivered in partnership with Morgan Stanley—marking the second such three-way deal in two months after September's Drive45 financing.
Koolboks, founded in Paris 2018 by Ayoola Dominic and Deborah Gaël, sells solar-powered freezers with patented ice-battery technology and pay-as-you-go payment. The company has moved 15,000+ units, employs 400 people across Nigeria, Kenya, and Uganda, and ships to 25+ markets. Its Koolbuy platform extends the pay-as-you-go model to major-brand household appliances.
The deal pushes TLG's Nigerian SME portfolio to $65 million across 16 companies since 2024. TLG's Africa Growth Impact Fund II, backed by IFC, Norfund, Swedfund, and Bpifrance, has deployed $250M+ across 25+ African countries with 70+ investments and 35+ exits. Cascador has supported 80 Nigerian growth-stage companies since 2019, helping them raise $150M+ collectively.
For Nigerian SMEs, this signals growing access to flexible private credit that refinances expensive bank debt and funds growth—bypassing traditional lending bottlenecks. For consumers, it means more solar cooling options in a country where grid power remains unreliable.
Will flexible private credit become the primary growth engine for Nigerian SMEs, or will traditional banks adapt to compete?