11 October 2022
Bamako, September 2022 – FMO, the Dutch entrepreneurial development bank announced today that it has committed €5.5 million in a convertible note and Series B redeemable preferred shares to SolarX, a West African C&I player active in Senegal, Mali, Burkina Faso, and Côte d’Ivoire. The financing was provided through FMO’s Ventures Program and Building Prospect Fund, the Dutch government fund for private investments in the agribusiness value chain, infrastructure, and climate in developing countries. This equity round will help SolarX fast track more solar assets, grow the team and open new territories.
SolarX is the leading commercial and industrial (C&I) solar company mainly focused on the Sahel region. By deploying and financing solar and renewable energy assets, SolarX helps B2B clients to access a cheaper, more reliable, and clean source of energy. Its local expertise and deep understanding of clients’ needs allows SolarX to fast track renewable energy assets deployment through a leasing model. As a result, it strongly contributes to SDG7 affordable and clean energy, 8 decent work and economic growth and 13 climate action.
Corine Franken, Investment Officer of FMO Ventures Program, said: “FMO is excited to support the SolarX team to grow their activities in the Sahel region, providing clean, affordable and reliable power with attractive economics to its SME customers that rely on high cost diesel-powered gensets and an unreliable grid. We see SolarX as a long-term partner with a strong and dedicated founding team that is a frontrunner on reducing inequalities. Together with our partner Energy Access Ventures/E3 Capital, we look forward to supporting SolarX’s ambitions to scale.”
Karim Ghammache, CEO SolarX: “We founded SolarX with the ambition to unlock the C&I energy sector in West Africa. The last two years have been an amazing journey of growing the company from scratch to understanding the unit economics of each project, the challenges of proper execution, the legal aspects, and fine tuning the strategy and the business model. Now, with the funding from FMO’s Ventures Program and Building Prospect, we are ready to gear up for exponential growth.”
About FMO Ventures Program
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~12 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.
Through the FMO Ventures Program, a EUR 200 million investment program funded by FMO, the Dutch Ministry of Foreign Affairs and supported by the European Commission, FMO targets early-stage technology-enabled innovative business models in emerging markets. For more information: please visit https://www.fmo.nl/ventures-program
SolarX is a renewable energy company providing reliable, clean, and affordable energy solutions to commercial and industrial clients in West Africa. As a one-stop-shop, the company provides easy access to financing for energy and energy efficiency solutions, whilst allowing its clients to focus on their core business and power this through environmentally friendly and cost-efficient energy sources. The company was founded by an experienced management team, with deep understanding of energy challenges faced by industrials in Africa. For more information: please visit https://solarx-africa.com/