FMO proposes investment in West African solar company
Dutch development finance institution FMO has proposed an investment of up to €5.5 million (consisting of €2.5 million through a convertible note and €2.5 million mezzanine), in SolarX, a commercial and industrial (C&I) solar rooftop business active in Mali, Burkina Faso and Senegal. FMO investee Energy Access Ventures Fund (EAVF), has invested €4.5 million in the company’s previous round through €1.5 million in equity and €3 million in mezzanine.
SolarX provides clean, affordable power in Mali, Burkina Faso and Senegal, thereby positively affecting access to electricity, reducing the cost of electricity, displacing polluting diesel-powered electricity generation and thereby reducing CO2 emissions and creating local employment.
The company specialises in the development, construction and operation of grid-connected, stand alone and hybrid solar PV installations.