Easy Solar raises USD 5 million to continue its expansion of solar systems, appliances, and…
Summary
Through its extended distribution network and innovative partnerships (local banks, government-backed payroll deduction for civil servants, and mini-grid companies), Easy Solar addresses the needs of both off-grid and on-grid customers looking for reliable, life-improving products. The partnership with FEI-OGEF will allow us to strengthen and simplify our balance sheet while bringing access to energy to hundreds of thousands of people in Sierra Leone.FEI-OGEF was set up by the African Development Bank (AfDB) as part of its New Deal for Africa initiative. To help support their business, we were able to structure a facility that provides access to local currency funding, which will, in turn, help them manage their foreign currency risk and ultimately provide affordable products, at scale, to reach more off-grid households in Sierra Leone.Power Africa provided legal support and technical advice to Easy Solar for the debt transaction with FEI-OGEF, assisting with negotiations and the review of guarantee documents through a team from Norton Rose Fulbright.Ruurd Brouwer, CEO of TCX: We are delighted to have supported this debt transaction in local currency for Easy Solar in Sierra Leone together with our long-standing partner Lions Head. In 2019, Easy Solar was awarded Social Entrepreneurs of the Year by the Schwab Foundation and World Economic Forum for its commitment to advancing SDG7 in last mile communities, ensuring no-one is left behind in the clean energy transition. You can find further information about Easy Solar on its website at https://www.easysolar.orgLions Head is a specialized investment bank based in London, Lagos, Nairobi, New York, Dubai and Amsterdam, which provides financial advisory and investment management services across a range of sectors, including agriculture, energy, financial services, and infrastructure with a focus on innovative ways to increase capital markets engagement for businesses and governments in sub-Saharan Africa.