SolarX has good news. The Port-Louis, Mauritius-based company has just received a loan of 7.5 million euros ($8 Million) from the Facility for Energy Inclusion (EIF), a facility of the African Development Bank (AfDB) under Lion’s Head Global Partners’ supervision. The portfolio expansion of SolarX is expected to be supported by this credit. Commercial and industrial (C&I) customers in West Africa can purchase solar energy from the company.
A SolarX operates a system that helps small and medium-sized businesses (SMEs) to lower their environmental footprint while providing an alternative to load shedding and the usage of diesel generators. The corporation operates in Mali, Burkina Faso, Senegal, and Ivory Coast.
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“By constructing and financing solar energy assets, SolarX enables B2B (business to business) customers to access a more cost-effective and stable source of energy,” stated Lion’s Head, FEI manager.
The €7.5 million loan is in addition to other financing acquired by Solarx in recent months. Karim Ghammache’s company received 5.5 million euros in finance from the Dutch Development Finance Company (FMO) and the Building Propect Fund in October 2022.
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This Dutch agency makes (private) investments in infrastructure, the environment, and the agrifood value chain in developing nations. SolarX will receive this additional capital in the form of convertible notes and Series B redeemable preferred shares. Energy Access Ventures (EAV), a seed fund that actively invests in renewable energy in Africa, is another client of the business.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard