Free Town-based solar home systems provider Easy Solar has secured US$5 million US$5 million Series A debt and equity funding round to help it accelerate operations and launch new products in Sierra Leone and Liberia.
The round of fund was led by global impact investor Acumen and FMO, the Dutch entrepreneurial development bank which invested US$3 million in equity and the remaining US$2 million was invested as a debt facility from TRINE.
Started in 2016, Easy Solar is an innovative energy distribution startup that aims to serve customers with affordable energy solutions for the underserved regions in terms of power in Sierra Leone and Liberia.
“While further expansion in West Africa is on the horizon with this funding, we remain committed to our vision of going deep into the markets we operate in. We will continue to improve the reach of our brand and distribution network in Liberia and Sierra Leone – where we operate the country’s largest direct retail network – and leverage it to offer additional products and services to our customers, directly or through strategic partnerships,” said Alexandre Tourre, chief executive officer (CEO) of Easy Solar.
“We’re also very excited to have brought such experienced and committed investors to the table as we continue with the scaling up of our C&I activities to answer the growing energy needs of offices, farms, factories, schools and hospitals across West Africa, with the same commitment to quality, ease of use and affordability,” added.