SolarX raises funding to develop commercial solar across West Africa
Posted on: 8 July, 2020 at 6:35 PM
SolarX, a Mali-based solar company has raised series A funding led by European venture capital firm Aster’s early-stage African fund, Energy Access Ventures (EAV), which invests in and supports decentralised energy companies across sub-Saharan Africa.
SolarX focuses on West Africa, a region where electricity access remains expensive and unreliable for many commercial and industrial (C&I) businesses. This presents a significant opportunity for solar energy given the region’s vast solar radiation coverage. SolarX unlocks this opportunity by offering a one-stop-shop solution for clean energy services – providing reliable and affordable energy which allows end-users to operate more efficiently in challenging environments. With this financing, SolarX will focus on developing and operating projects in Mali, Burkina Faso and Ivory Coast.
“As energy generation in our target market comes from costly, difficult-to-get and volatile fossil fuels, most C&I clients are looking for cheaper, more reliable and cleaner energy. Despite the market demand, attracting financial partners had been a challenge before engaging with EAV. The EAV team has been instrumental in supporting us to set up the company, define the right business model, put together operational structures and develop connections with relevant partners prior to their investment. We are eager to lead the way in growing the renewable energy sector in West Africa,” says Karim Ghammache, founder and CEO of SolarX.
Vladimir Dugin, principal at EAV says, “We are proud to continue to foster the development of C&I solar, investing in experienced local teams and innovative business models across underserved, frontier markets in Sub-Saharan Africa. With decades of combined operating experience in Mali, the SolarX team has the right expertise and execution capabilities to create a leading regional franchise with an appropriate and comprehensive C&I offering.”
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