1 February 2023
Good news for SolarX. The Port Louis, Mauritius-based company has just received a €7.5 million loan from the Energy Inclusion Facility (EIF), a fund of the African Development Bank (AfDB) managed by Lion’s Head Global Partners. The loan is intended to support the expansion of SolarX’s portfolio. In West Africa, the company provides solar energy to commercial and industrial (C&I) customers.
A solution that enables small and medium-sized enterprises (SMEs) to reduce their environmental footprint while providing an alternative to load shedding and the use of diesel generators. The company provides its services in Mali, Burkina Faso, Senegal and Ivory Coast.
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“By deploying and financing solar energy assets, SolarX is helping B2B customers access a cheaper and more reliable source of energy,” says Lion’s Head, the manager of the EIF. The EUR 7.5 million loan is in addition to other financing obtained by Solarx in recent months. In October 2022, the company led by Karim Ghammache secured €5.5 million in financing from the Dutch Development Finance Company (FMO) and the Building Propect Fund.
This Dutch government mechanism makes (private) investments in the agri-food value chain, infrastructure and climate in developing countries. This other financing is allocated to SolarX in the form of a convertible note and series B redeemable preference shares. The company’s financial partners also include Energy Access Ventures (EAV), a seed fund that is investing heavily in renewable energy in Africa.