Easy Solar, an innovative energy and financial services firm recently closed $5 million round to improve the reach of its brand and distribution network in Liberia and Sierra Leone - where it operates the country's largest direct retail network. According to Alexandre Tourre, CEO of Easy Solar said, "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." The round funding includes a USD 3mln Series A Equity round led by Acumen and FMO, the Dutch entrepreneurial development bank, in addition to a USD 2mln debt facility from investment platform Trine. “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 EasySolar’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. Founded in 2016, Easy Solar has brought transformative energy services to more than 400,000 people, and created over 500 clean energy jobs, with a far-reaching distribution network going all the way to the last mile. The company offers a wide range of energy solutions from small solar lanterns for lighting and mobile charging, to pico solar home systems with appliances like TVs and fans, all the way up to kW sized systems designed for residential, commercial and industrial users. Because of its extensive distribution network and volume of prior credit data, Easy Solar’s offering now goes beyond its core solar range, with complimentary products including clean cooking devices and pay-as-you-go smartphones. With such experienced and committed investors on the table, Easy Solar aims to continue with the scaling up of its C&I activities to answer the growing energy needs of offices, farms, factories, schools, hospitals, etc. across West Africa, with the same commitment to quality, ease of use and affordability. “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.
