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The Energy Inclusion Facility (EIF) has granted a €7.5 million credit facility to SolarX. The Africa-focused company builds and leases solar photovoltaic plants to commercial and industrial (C&I) sector customers.
The EIF is a fund of the African Development Bank (AfDB) and is managed by Lion’s Head Global Partners. According to EIF’s manager Lion’s Head, SolarX is helping B2B customers get access to more reliable and cheaper sources of energy via the deployment and financing of solar energy projects.
The €7.5 million loan will help in scaling up the business of SolarX in West Africa. The company provides solutions that enable small and medium-sized enterprises (SMEs) to reduce their environmental footprint along with providing alternatives to load shedding and diesel generator usage.
The recent loan is one of the financings obtained by SolarX in recent months. In October 2022, the company secured financing of €5.5 million from the Dutch Development Finance Company (FMO) and the Building Prospect Fund. SolarX also has a seed fund, Energy Access Ventures (EAV), as one of its financial partners that is investing heavily in renewable energy in Africa.