Energy Access Venture (EAV), a seed investment fund that invests in renewable energy in Africa has aided Malian-based solar company, SolarX, in securing a Class/Series A funding for its intended renewable projects in West Africa. The fundraising was organised by Energy Access Venture.

Although the complete information on the funds provided in this financing round is not yet disclosed, it is expected that Solar X will use it in its planned development of the solar market in Mali, Burkina Faso and Côte d’Ivoire. Solar X is expected to finance and install solar photovoltaic systems mainly for businesses.

The founder and Chief Executive Officer of Solar X, Karima Ghammmache said “Because power generation in our target market comes from expensive, hard-to-get and volatile fossil fuels, most companies are looking for cheaper, more reliable and cleaner energy. Despite market demand, it was difficult to attract financial partners before engaging with EAV.”

Solar X is a company in Bamako, Mali, that supplies grid-connected solar photovoltaic systems that enable its customers to save more and pay less on electricity. It also provides solar pumping systems for Drinking Water Supply (DWS) in rural areas.

The Energy Access Venture (EAV) finances off-grid suppliers in Africa. One of its notable beneficiaries, Nuru, recently commissioned a 1.3 solar system in Gome in the Democratic Republic of Congo (DRC).

The EAV investment fund is sponsored by French energy giant, Schneider Electric, and managed by the venture capital firm, Aster Capital, in Paris, France. The EAV is funded by several development partners like the European Investment Bank (EIB), the Investment and Support for Enterprise in Africa (FISEA) which is owned by the French Development Agency (AFD) and managed Proparco, the French Global Environment Facility (FGEF), administered by AFD, and the Commonwealth Development Corporation (CDC Group), the UK government development finance agency.