Easy Solar, a leading last-mile energy access and distribution company in West Africa, is pleased to announce it has raised USD 7 million in debt and equity from Acumen, Cygnum Capital and Triodos Investment Management.
Easy Solar operates in some of the continent’s hardest to reach markets, with a vision of making sustainable energy solutions and life improving products affordable and accessible to its customers, both households and businesses. Despite a difficult context of rising fuel and food prices, compounded by the persistent currency depreciation, the company was able to partner with investors to continue building on its core strengths and expertise, having recently reached a milestone of connecting over a million lives across the region to energy and beyond.
Alexandre Tourre, the CEO of Easy Solar, explained what this means for the group: “We’re absolutely thrilled to have secured an investment from Triodos Investment Management. They bring a deep expertise in C&I solar, which is a critical growth area for Easy Solar in the current context of rapidly increasing energy prices in the region. Cygnum Capital and Acumen are historical investors who have supported our vision for many years by making impactful finance available where it is most needed and we’re delighted to expand our work with them. Together, we are at the forefront of building a clean energy future for West Africa.”
In partnership with TCX, Cygnum Capital’s facility will expand Easy Solar’s access to local currency financing in Sierra Leone, while Acumen will support the company with an innovative affordable inventory financing instrument tailor designed for hard to reach markets. On the Equity side, Triodos Investment Management will support the growth of Easy Solar’s burgeoning solar C&I business in the region, as well the company’s regional expansion plans.
Jiwoo Choi, Chief of Strategic Initiatives at Acumen, commented on the work done with Easy Solar: “Over the past six years, we have built a strong partnership with Easy Solar and have been inspired by their dedication to bringing transformative energy access to underserved and hard-to-reach communities through a solid business model. We are thrilled to extend our relationship through this deal, which is set to amplify the company’s impact in Sierra Leone.”
“This is our first exposure to so-called small-home-solutions and small-scale commercial and industrial solutions”, explains Marius Groenenberg, Principal Investment Manager at Triodos Investment Management. “Both are growing and important segments for energy in Africa, especially in the frontier markets where Easy Solar is active. Off-grid solar solutions have proven to be more than just a way to provide clean, affordable, and reliable electricity to underserved communities. Through the wide range of energy solutions offered by Easy Solar, customers are given the chance to boost their economic development thanks to the accelerated development of productive activity in these communities in a vast untapped market.”