MALI —Energy+, a Malian-owned and -managed off-grid solar company has secured funding that amounts to more that US$1 million from a consortium of financing partners led by VentureBuilders to boost electricity penetration in Mali.
The funding, according to Energy+ includes equity and fully funded enterprise development services (EDS) from VentureBuilder, which led the round.
Energy+ further noted that the funding for its energy program was also comprised of a debt from Cordaid Investment Management (Cordaid), and grant financing from the United States African Development Foundation (USADF).
Mali is one of the most populous nations in West Africa, with 60 percent of its 20 million people still living without access to modern electricity services.
Energy+ said that the financing package will enable it to scale its off-grid business throughout the country through the expansion of its pay-as-you-go and cash sales offerings via its retail network.
“The financing secured from its partners arrives at a critical stage for Energy+, which is well-positioned to leverage its deep experience in Mali to navigate the challenges presented by the COVID-19 pandemic,” the energy company said.
It further noted that the financing package will also enable it to deliver life-changing electricity services to underserved areas of the vast West African nation.
“In countries such as ours, pay-as-you-go is the best way to bring quality solar home systems to off-grid areas because it makes energy access easy and affordable,” Simballa Sylla, CEO of Energy+ said.
Sylla further noted that with the help of VentureBuilder, Cordaid and USADF, Energy+ will be in a position to transition, in a strategic manner, from a producer of small electrical batteries to a large scale distributor of high-quality solar products.
Dan Murphy, Managing Director of VentureBuilder on his part noted that Energy+ brings a powerful combination of remarkable execution capability alongside decades of market experience.
Murphy was confident that with VentureBuilder’s financing and advisory support, the Energy+ team is well-positioned to mitigate the downside risks associated with the COVID-19 pandemic.
Hann Verheijen, Managing Director of Cordaid noted that he was pleased to having Energy+ on his portfolio adding that the company will create jobs and bring clean energy where it is most needed.
Energy+: Energy+ is the exclusive importer, distributor, and reseller of d.light off-grid solar (OGS) products in Mali.
The company made its first product sales in March 2019, leveraging 25 years of market experience and the national retail network of Omnium Mali, Energy+’s sister company.
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