Two new solar plants feeding 132 MW into South Africa’s grid
South Africa, North Cape: Easy Solar has closed $5 M to scale-up energy access in Sierra Leone and Liberia.
Image source: Easy Solar
South Africa, North Cape: Easy Solar has closed $5 M to scale-up energy access in Sierra Leone and Liberia.
The funding includes a $3 M Series A Equity round led by global impact investor Acumen and FMO, the Dutch entrepreneurial development bank. This is an addition to a $2 M debt facility from investment platform Trine, the solar company stated.
“Off-grid energy companies play a critical role in delivering clean, affordable, reliable energy without the need for grid infrastructure. Sierra Leone’s low electrification rates combined with limited alternatives for clean energy make Easy Solar’s business model highly relevant,” said Marieke Roestenberg, FMO venture program manager.
“The company has a strong and dedicated founding team, which has managed to grow the company substantially during the past years. FMO’s funding allows the company to continue this expansion, both inside and outside Sierra Leone,” Roestenberg added.
Easy Solar is an innovative distribution company making energy and financial services affordable and accessible for those with limited access to power in Sierra Leone and Liberia.
Sierra Leone and Liberia are both low-income countries, with rates of electrification below 20 %. The funding will enable the solar power distributor to scale its reach in these markets, where the vast majority of the population are off-grid, while simultaneously expanding its portfolio of products for existing customers.
Founded in 2016, Easy Solar has brought transformative energy services to more than 450,000 people, and created over 600 clean energy jobs, with a far-reaching distribution network going all the way to the last mile.
“We will continue to improve the reach of our brand and distribution network in Liberia and Sierra Leone — where we operate the country’s largest direct retail network — and leverage it to offer additional products and services to our customers, directly or through strategic partnerships,” said Alexandre Tourre, CEO of Easy Solar.
Source: ESI Africa