- The Energy Inclusion Facility (EIF) provides a €7.5 million credit facility to SolarX.
- The West African company builds and leases solar PV plants to industrial and commercial customers.
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. The company provides solar energy to commercial and industrial (C&I) customers in West Africa.
A solution that allows small and medium-sized enterprises (SMEs) to reduce their environmental footprint while avoiding load shedding and diesel generators. The company operates in Mali, Burkina Faso, Senegal, and Ivory Coast.
The €7.5 million loan complements other financing secured by Solarx in recent months. Karim Ghammache’s company received €5.5 million in financing from the Dutch Development Finance Company (FMO) and the Building Project Fund in October 2022.
This Dutch government mechanism makes (private) investments in developing countries’ agri-food value chains, infrastructure, and climate. SolarX will receive this additional funding in the form of a convertible note and series B redeemable preference shares. Energy Access Ventures (EAV), a seed fund that invests heavily in renewable energy in Africa, is also one of the company’s financial partners.