Solar23 Secures EUR 4 Million for African Solar Projects
Brussels, Belgium – 5 February 2025 – EDFI Management Company, through its European Union funded Electrification Financing Initiative – ElectriFI and SOLAR23, a solar energy company, announced today a €4 million investment. This strategic partnership aims to support SOLAR23‘s working capital needs for its engineering, procurement, and construction (EPC) projects across Africa, with a focus on countries such as Burundi, Zambia and Senegal.
The investment will enable SOLAR23 to purchase essential equipment and materials for its impactful solar projects. The target of the investment is to boost the electrification of the rural areas in Africa and to accelerate the project execution. This initiative will connect numerous new customers to sustainable, reliable and affordable energy sources.
Rodrigo Madrazo Garcia de Lomana, CEO of EDFI Management Company, emphasized the significance of the investment: “We support SOLAR23 in their mission to bring solar energy to underserved regions in Africa. This investment will help bridging the energy gap and provide countless individuals with access to a sustainable and reliable power source.”
With over 25 years of experience, SOLAR23 has established itself as a leader in the African solar energy sector. The company specializes in on/off-grid PV installations, solar water pumping systems and solar-powered appliances.
Active in 81 countries, primarily across Africa, SOLAR23 is committed to delivering affordable, accessible and reliable solar energy solutions tailored to diverse customer needs.
Tobias Merkel, CEO of SOLAR23, expressed enthusiasm about the collaboration: “We are collaborating with EDFI Management Company to bring our solar energy solutions to more communities across Africa. This investment will enable us to continue and accelerate our mission of providing sustainable, clean, and reliable energy to those who need it most.”
SOLAR23’s extensive portfolio includes turnkey solar-powered systems designed to address various challenges in underserved regions. Their innovative solutions encompass solar water pumping systems, solar fridges and freezers, solarization of health institutions and customized solar energy solutions.
This partnership between EDFI Management Company and SOLAR23 marks a significant step towards improving sustainable access to clean, sufficient, and safe energy solutions across Africa.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu.
About ElectriFI
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. For more information, visit www.electrifi.eu.
About SOLAR23
SOLAR23 GmbH is a leading solar energy company specializing in the engineering, procurement, and construction (EPC) of solar PV projects. Active primarily in Africa, SOLAR23 offers a wide range of solutions, from on/off-grid PV installations to water pumping and solar-powered appliances. The company is committed to providing affordable, accessible, and reliable solar energy solutions to meet the diverse needs of its customers. For more information, visit SOLAR23’s website.
Media inquiries
For EDFI Management Company: Natasa Lakovic, n.lakovic@edfimc.eu
For SOLAR23 : info@solar23.com
