SF partner VentureBuilder recently led an investment round that enabled an off-grid solar company to secure financing of more than US$1 million in Mali.
The investment represents VentureBuilder’s first investment since being established, with funding from SF, USAID and DOEN Foundation, to support locally-owned and managed energy enterprises with early-stage equity financing and enterprise development services.
The round will enable Energy+ to scale its off-grid business throughout the country through the expansion of its pay-as-you-go and cash sales offerings via its retail network.
Mali is one of the most populous nations in West Africa, with 60 percent of its 20 million people still living without access to modern electricity services.
The investment was secured from VentureBuilder, Cordaid and USADF and arrives at a critical stage for Energy+, which is well-positioned to leverage its deep experience in Mali to navigate the challenges presented by the COVID-19 pandemic while also delivering life-changing electricity services to underserved areas of the country.