Solar home systems provider, Easy Solar has just secured US $5m Series A debt and equity funding round to help it scale the spread of its renewable energy solutions in Sierra Leone and Liberia.
Alexandre Tourre, Easy Solar’s CEO announced the report and said donors have renewed interest in providers of decentralized clean energy solutions in sub-Saharan Africa. Of the funds raised, US $3m was obtained in a Series A fund-raising exercise with Acumen and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), the Dutch development finance company. Easy Solar on the other hand has a US $2m line of credit opened by the Trine investment platform.
Renewable energy solutions
“The funds will help to accelerate the spread of its renewable energy solutions in West Africa, particularly in Liberia and Sierra Leone where we have already provided access to electricity to more than 450,000 people,” said Alexandre Tourre.
“Sierra Leone’s low electrification rates combined with limited alternatives for clean energy make Easy Solar’s business model highly relevant. 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,” He added.
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About Easy Solar
Easy Solar operates in Sierra Leone and Liberia where it distributes small solar lanterns for lighting and mobile phone charging; as well as solar home systems that can support appliances such as televisions and fans. The company also builds multi-kW solar systems for commercial and industrial customers.
The company offers a wide range of energy solutions from small solar lanterns for lighting and mobile charging, to pico solar home systems with appliances like TVs and fans, all the way up to kW sized systems designed for residential, commercial, and industrial users.
“We’re very excited to have brought such experienced and committed investors to the table as we continue with the scaling up of our C&I activities to answer the growing energy needs of offices, farms, factories, schools and hospitals across West Africa, with the same commitment to quality, ease of use and affordability,” said CEO Tourre.
