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Providing access to reliable, cheap and clean energy
Project
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Signature date
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Location
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Burkina Faso, Côte d'Ivoire, Senegal, Multi-country Africa
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Financing tool
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Financing amount (Euro)
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2135000
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Financing details
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EUR 2m investment in convertible debt and quasi-equity: - EUR 1m for the convertible debt investment - EUR 1m for the quasi-equity investment and EUR 135,000 for technical assistance
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Customer
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Solar X LTD
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Type of customer
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Company
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Country of headquarters
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Mauritius
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Project number
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PML1070 / PZZ1318
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Environmental and social ranking
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B
This project is carried out with the support of the European Union and is part of the 2X Challenge initiative.
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union. This information is given at the time of signature, without prejudice to any developments in the operation/project.
Under the ARE Scale-Up facility supported by the European Union, Proparco is financing SolarX, a company that contributes to improving access to renewable energies for SMEs, midcaps and industries in several fragile and French-speaking African countries
Client presentation
SolarX Limited (SolarX) was founded in 2020 in Mauritius, with local entities and operations in Mali, Burkina Faso and Senegal. SolarX has developed as a one-stop shop for C&I renewable energy solutions for local SMEs and midcaps. SolarX offers a wide range of services throughout the value chain for off-grid electricity supply, from feasibility studies to lease-to-own financing, and including a solar service and power purchase agreements, comprising the installation and maintenance of its products. The company mainly installs solar photovoltaic systems and aims to reduce energy costs and CO2 emissions. SolarX has to date commissioned 1.7 kWp in eight active projects, with an additional 1.2 kWp signed and under construction.
Project description
The current pre-series B is a EUR 17m funding round conducted by Proparco, FMO, Energy Access Ventures Fund and FEI (Lion’s Head Group). Proparco is investing EUR 2m equally with FMO.
Proparco’s financing, under the ARE Scale-UP facility supported by the European Union, will in turn enable SolarX to finance the development of activities in West and Central Africa, in particular in Senegal, Burkina Faso and Côte d'Ivoire.
The Technical Assistance project aims to provide support to the off-grid start-up SolarX for its growth, its transformation and its environmental impact.
Project impact
The project will contribute to the development of SMEs, which make up the economic fabric of the West and Central Africa region. Most of SolarX’s clients are urban and connected to the grid, but suffer from unreliable connections and power cuts, making them highly dependent on costly diesel-powered generators. SolarX provides an essential service by giving companies access to reliable, cheap and clean energy, which improves their productivity and reduces their costs. The company should contribute to job creation by supplying affordable and reliable energy which improves the situation for local companies. SolarX employs women in management positions and thereby qualifies under the “2x Challenge”.
The Technical Assistance program will help prepare the future growth of SolarX. It will thereby increase its capacity to create and maintain jobs and deliver services providing access to energy.