FMO has approved an investment in SolarX, a renewable energy company based in Mali which sells clean and affordable energy solutions to commercial and industrial clients in West Africa. The Dutch development bank is investing a total of €5 million in the business, structured as a €2.5 million convertible note and €2.5 million of mezzanine financing. The convertible note carries an option to add another €500,000 to the total if required.
SolarX wrapped up its Series A in the middle of last year, raising a mix of equity and quasi-equity from Energy Access Ventures, a Nairobi-based venture firm. The business has been consolidating its business in its home market of Mali, as well as exploring opportunities in the neighboring countries of Burkina Faso and Senegal.
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