Solar home systems provider Easy Solar has just secured $5 million to accelerate the spread of its renewable energy solutions in West Africa, particularly in Liberia and Sierra Leone where it has already provided access to electricity to more than 450,000 people.
Donors have renewed interest in providers of decentralised clean energy solutions in sub-Saharan Africa. The latest to receive favours from these investors is Easy Solar. The Freetown (Sierra Leone) based company has just secured $5 million in financial mobilization.
Of the funds raised, US$3 million 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 also has a $2 million line of credit opened by the Trine investment platform.
Strengthening activities in Liberia and Sierra Leone
“Although further expansion in West Africa is on the horizon with this financing, we remain committed to our vision of deepening the markets in which we operate. We will continue to enhance the reach of our brand and distribution network in Liberia and Sierra Leone – where we operate the largest direct retail network in the country – and leverage this to offer additional products and services to our customers, either directly or through strategic partnerships,” says Alexandre Tourre, Easy Solar’s CEO.
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.
“Thanks to its extensive distribution network (…), Easy Solar’s offering now goes beyond its main solar range with complementary products, including eco-friendly cooking appliances and pre-paid smartphones,” says the young company, which currently boasts more than 450,000 subscribers in both countries.
The company, which employs more than 600 people, plans to use the $5 million raised from investors to expand its product range and further contribute to household electrification in rural areas in Liberia and Sierra Leone.
Jean Marie Takouleu