Energy+, a Malian off-grid solar company, has secured US$1 million in financing from a consortium of international financing partners to help close the electricity gap in the country.
Energy+ is the exclusive importer, distributor, and reseller of d.light off-grid solar (OGS) products in Mali. Having made its first product sales in March 2019, it has since sold thousands of OGS products on a cash and pay-as-you-go (PAYG) basis throughout Mali.
The company has now received more than US$1 million in commitments from a consortium of financing partners. The funding includes equity and fully funded enterprise development services (EDS) from VentureBuilder, which led the round, debt from Cordaid Investment Management (Cordaid), and grant financing from the United States African Development Foundation (USADF).
“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. With the help of VentureBuilder, Cordaid and USADF, we 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,” said Simballa Sylla, chief executive officer (CEO) of Energy+.