- SolarX secures €15M loan from Afrigreen Fund to expand in West Africa
- Funds to refinance assets, support solar projects in four countries
- Investment targets growing demand for reliable, clean energy in key sectors
The Afrigreen Debt Impact Fund has provided a 15-million-euro senior secured loan to solar energy company SolarX. The fund is managed by RGREEN INVEST and advised by Echosys Invest.
The financing includes both short-term and long-term tranches. It will help SolarX accelerate its deployment of solar systems for commercial and industrial clients in West Africa.
The capital will be used to refinance SolarX’s existing operational assets and unlock new investments in Ivory Coast, Senegal, Mali, and Burkina Faso. The company provides its solutions to businesses in agro-processing, packaging, telecommunications, hospitality, cosmetics, and other industrial sectors.
« The demand for green energy is growing in West Africa as the market is becoming more mature, » said Karim Ghammaché, SolarX’s CEO and founder. « With this funding, SolarX intends to strengthen its leadership position and offer even more innovative solutions and high-quality service to its customers. »
According to the International Renewable Energy Agency (IRENA), West Africa faces significant energy vulnerability, characterized by fuel price volatility and relatively unreliable power grids. This « energy poverty » remains a major obstacle to economic and social development, affecting the industrial and commercial sector.
In this context, decentralized solar solutions present a clear alternative, leveraging the region’s strong solar potential and offering a reliable, affordable power source.