AFRIGREEN Debt Impact Fund, managed by RGREEN INVEST and advised by ECHOSYS INVEST, has entered into a new a €15 million senior secured financing facility with SolarX, a company founded by Karim Ghammache and supported by E3 Capital, FMO – Dutch entrepreneurial development bank, Proparco and Triple Jump. This financing aims to accelerate the deployment of solar photovoltaic solutions☀️ for commercial and industrial (C&I) customers in West Africa.
The facility, which includes a short-term tranche and a long-term tranche, will enable refinancing of existing assets as well as investments in new power plants in Côte d’Ivoire, Senegal, Mali and Burkina Faso.
SolarX provides energy solutions to clients in agro-processing, packaging, telecommunications, hospitality, cosmetics and other industries, reducing their energy costs and dependence on fossil fuels. Thanks to its local presence and operational expertise in four West African markets, SolarX contributes directly to the energy transition of companies in the region.
For AFRIGREEN, this marks the fund’s seventh transaction, reflecting its support for players capable of deploying competitive and sustainable solar projects for the commercial and industrial (C&I) segment.
Karim Ghammache, CEO & Founder of SolarX, comments: “The demand for green energy is growing in West Africa as the market is becoming more mature. This partnership with Afrigreen and ECHOSYS INVEST allows us to enhance our competitiveness and flexibility relative to our competitors. We are very happy to be working with a debt partner who understands our business perfectly. With this funding, SolarX intends to strengthen its leadership position and offer even more innovative solutions and high-quality service to its customers.”
Olivier Leruste, Co-founder & Managing Partner of ECHOSYS INVEST, adds: “SolarX is one of the few players truly established in four West African markets, with strong local teams and in-depth understanding of the industrial and commercial landscape. This financing will enable SolarX to accelerate the development of its C&I project portfolio and strengthen the energy competitiveness of its customers.”
AFRIGREEN’s legal advice was provided by Bird & Bird.
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AFRIGREEN Debt Impact Fund, managed by RGREEN INVEST and advised by ECHOSYS INVEST, has entered into a new a €15 million senior secured financing facility with SolarX, a company founded by Karim Ghammache and supported by E3 Capital, FMO – Dutch entrepreneurial development bank, Proparco and Triple Jump. This financing aims to accelerate the deployment […]
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