ImpactAlpha, November 15 – Until the early 2000s, both Sierra Leone and Liberia were rocked by civil war. One of the many longstanding consequences is poor infrastructure, including low electrification rates. Just over a quarter of Sierra Leoneans have access to power, (and only 5% in rural areas), while less than 10% of Liberians can access electricity.
Freetown-based Easy Solar is one of the few providers of household and commercial solar systems in both West African countries, serving one million people.
The company raised $5 million in equity from Cygnum Capital and existing investor Acumen and a $2 million convertible note from Triodos Investment Management.
Underserved market
Easy Solar is backed by debt from the Energy Inclusion Facility’s Off-Grid Energy Access Fund to boost its presence in rural areas, as well as a grant from the Mastercard Foundation Fund for Rural Prosperity.
Separately, InfraCo Africa, PowerGen Renewable Energy and the Universal Energy Facility are funding solar minigrid development with grants.
Sierra Leone’s government is looking to both on- and off-grid energy systems to expand power access in the country.
