
Solar 23
Project overview
The transaction aims at easing the Solar23’s working capital needs of some of its EPC projects on the African continent, such as Burundi and Senegal. The funds will be used for the acquisition of goods supporting the execution of EPC projects and help fund the mismatch between client receivables and supplier payments.

Funding objective
A euro-denominated revolving working capital facility to fund working capital needs of a executed and non-revokable EPC agreement between the company and a creditworthy customer for purpose of the engineering, procurement, and construction of high-impact solar PV assets in an African country.
Investment rationale
ElectriFI is supportive of Solar23 for the following reasons:
- Strong financial additionality by allowing the company the avoid a cash-trap and consider the provision of a financial product which is uncommon in the access-to-energy funding ecosystem.
- Strong operational additionality as the company will strengthen its E&S and corporate governance frameworks.
- High impact projects connecting many new customers to a sustainable, reliable, and affordable source of energy, across Burundi, Senegal, a.o.

More info:
Key Indicators
Financial Instrument
Loan
Amount
EUR 4 million
Year
2024
