West African solar company lands investment from European DFI

Dutch development finance institution, FMO, has approved an investment of up to €5 million in SolarX. The investment will consist of €2.5 million, with an option for a €500,000 top-up through a convertible note, and €2.5 million mezzanine. 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 is a commercial and industrial (C&I) solar rooftop business active in Mali, Burkina Faso and Senegal. The company offers affordable, clean and reliable power assets with attractive economics to its customers that rely on high cost gensets and/or an unreliable (and expensive) grid.

SolarX specialises in the development, construction and operation of grid-connected, stand alone and hybrid solar PV installations.