Easy Solar, a leading solar company in West Africa, recently announced the closing of a $5m round of funding including a $3 million Series A Equity round led by global impact investor Acumen and FMO, the Dutch entrepreneurial development bank, in addition to a $2m debt facility from investment platform Trine.
Easy Solar is an innovative distribution company making energy and financial services affordable and accessible for those with limited access to power in Sierra Leone and Liberia.
“Off-grid energy companies play a critical role in delivering clean, affordable, reliable energy without the need for grid infrastructure. 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.”
says Marieke Roestenberg, FMO Venture Program Manager.
Sierra Leone and Liberia are both low-income countries, with rates of electrification below 20%.
The funding will enable Easy Solar to scale its reach in these markets, where the vast majority of the population are off-grid, while simultaneously expanding its portfolio of products for existing customers.
Founded in 2016, Easy Solar has brought transformative energy services to more than 450,000 people, and created over 600 clean energy jobs, with a far-reaching distribution network going all the way to the last mile.
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.
Because of its extensive distribution network and volume of prior credit data, Easy Solar’s offering now goes beyond its core solar range, with complementary products including clean cooking devices and pay-as-you-go smartphones.
Easy Solar enhances the lives of people across West Africa by distributing solar energy solutions and other transformative durable goods.
The company makes these affordable through a range of flexible financing options, empowered by pay-as-you-go technology and mobile money, and accessible through an extensive network of agents and shops.