Solar 23

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Project overview

Solar23 is a German solar company that has been operating for more than 20 years, mostly on the African continent, with good geographic reach and impact. The company offers a wide range of services from the design, engineering, financing, procurement, construction, and maintenance of solar products such as PV grid-connected or off-grid solutions, solar thermal solutions, solar pumping, etc. The company delivers its services either through turn-key EPC projects in rural Africa or acts as a project developer.

Funding objective

Ease the company’s working capital needs for some of its African EPC projects. The funds are to be used for acquisition of goods supporting the execution of EPC projects and help fund the mismatch between client receivables and supplier payments.

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.