As part of efforts aimed at expanding its operations across the Sahel countries of Burkina Faso, Mali, and also in Cote d’Ivoire, the Malian based solar company SolarX has raised an undisclosed Series A funding round to help it achieve this objective. SolarX which provides 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 is a leading solar energy firm in Bamako, Mali.

The funding round was led by Energy Access Ventures (EAV), an early-stage fund investing in decentralised energy companies across Sub-Saharan Africa, and the UK’s CDC Group, and will be used to help SolarX develop and operate 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,” said Karim Ghammache, founder and chief executive officer (CEO) of SolarX.

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“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.”

EAV principal Vladimir Dugin said his company was proud to continue to foster the development of C&I solar, investing in experienced local teams and innovative business models across under-served, frontier markets in Sub-Saharan Africa.

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“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,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry