Aster Capital has injected additional capital in its Mali-based renewable energy development portfolio company – in a co-investment deal with one of its LPs.
The investor has backed an undisclosed second-tranche investment into the series-A funding round of SolarX.
Aster is co-investing with France’s development financier, Proparco, which is an LP in its maiden specialist vehicle, Energy Access Ventures Fund (EAVF), closed at approximately $85milion (€75 million) in 2017.
Financial details of this transaction have not been disclosed.
The first tranche of the series-A round had raised an undisclosed amount in 2020, and was backed by Aster and UK’s development financier, CDC.
SolarX will use the new capital for geographical expansion, with the company looking to grow its footprint regionally, across West Africa – primarily targeting Mali and Burkina Faso.
The company is being backed based on growth prospects, with West African market viable, according to the investors.
“As early-stage investors, we are keen to support teams and solutions that are fit for the market, especially in frontier geographies,” said Vladimir Dugin, principal at EAV. “We view our new investment as a major milestone for SolarX Africa and as a critical steppingstone to facilitating their expansion plan in the region.”
Johann Choux, head of equity investments – financial institutions and venture capital at Proparco represented the development financier.
Headquartered in Bamako, SolarX is a renewable energy developer that designs, installs, finances and maintains solar systems for commercial and industrial clients, across West Africa.
The company has operations in Mali, Burkina Faso and Ivory Coast.
Created in 2020, SolarX is headed by founder and chief executive officer Karim Ghammache and employed five people, as of 2020.
Full deal details will be shortly