Operating since 2016, the company focuses on providing solar home systems (SHS) to low-income households. In only five years time Easy Solar became the largest and best-known distributor of solar products in Sierra Leone, operating 22 shops and supporting over 150 jobs. It offers a range of products, starting from small home lanterns up to large custom systems for businesses through cash sales and pay-as-you-go (PAYGO) facilities. Easy Solar's unique approach allows community-based agents to collect physical cash payments from PAYGO customers, reaching populations unable to use mobile money solutions.
“We’ve known Easy Solar from its beginnings. We saw the huge unmet need for energy in Sierra Leone and the high potential of Easy Solar to serve these needs. The first debt investment was made during the early months of Easy Solar’s commercial operations 5 years ago. Cordaid was the first international lender: our early-stage financing helped Easy Solar demonstrate that their business model works and the social impact can be significant. That gave confidence to other impact investors to join in. Since then, we’ve continuously followed the company's growth and just recently have disbursed the third loan. We congratulate Easy Solar's founders, management and staff for their dedication, hard work and success in making thousands of Sierra Leoneans live better with affordable and clean energy,” says Lorisa Canillas, Senior Investment Manager of Cordaid Investment Management.
A three-part USD 1.5 million investment, disbursed in 2017, 2019 and 2021, aimed at helping Easy Solar further finance its growth plan, increasing reach and introducing new products. throughout the five-year partnership we were able to build meaningful social and economic impact throughout the five-year partnership:
234 direct jobs created and sustained since investment year.
75,900 tons of greenhouse gas emissions were avoided since 2017.
410,000 people were given access to clean energy since 2017.
80,700 units were sold since 2017.
26,500,000€ are the total energy cost savings for households, since 2017
With the help of Cordaid Investment Management's loan products, Easy Solar manages to increase clean energy access to bottom-of-the-pyramid users, contributes to the reduction of carbon emissions and creates jobs, specifically benefitting women and youth.
