Easy Solar out of Sierra Leone. announced the closing of a $5 million round of funding which will help it scale its operations in West Africa. The funding includes a $3 million Series A Equity round led by global impact investor Acumen and FMO, the Dutch entrepreneurial development bank, in addition to a $2m debt facility from investment platform Trine. Easy Solar is an innovative distribution company making energy and financial services affordable and accessible for those with limited access to power in Sierra Leone and Liberia.
“Off-grid energy companies play a critical role in delivering clean, affordable, reliable energy without the need for grid infrastructure. Sierra Leone’s low electrification rates combined with limited alternatives for clean energy make Easy Solar’s business model highly relevant. The company has a strong and dedicated founding team, which has managed to grow the company substantially during the past years. FMO’s funding allows the company to continue this expansion, both inside and outside Sierra Leone.” says Marieke Roestenberg, FMO Venture Program Manager.
Sierra Leone and Liberia are both low-income countries, with rates of electrification below 20%. The funding will enable Easy Solar to scale its reach in these markets, where the vast majority of the population are off-grid, while simultaneously expanding its portfolio of products for existing customers.
“Acumen is thrilled to support Easy Solar’s growth in markets that are too often overlooked. Despite low mobile-money penetration and a high concentration of low-income customers, Easy Solar has made pay-as-you-go solar accessible to Sierra Leoneans and now Liberians,” says Meghan Curran, West Africa Director for Acumen.