Azimuth Group Corp.
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Azimuth Group Corp. (active under the brand name Easy Solar) is the leading provider of off-grid energy in Sierra Leone, and currently expanding to Liberia. The company focuses on last mile distribution of smaller sized SHS?s and lanterns on a pay-as-you-go (PAYGO) basis. Customers pay off their system and associated devices through payment plans. Easy Solar has established a robust distribution network and cash collection system in Sierra Leone.
What is our funding objective?
The objective of the investment is to allow the company to continue its expansion both inside and outside Sierra Leone.
Why do we fund this investment?
Easy Solar provides clean and green first-time energy access to households in areas with unreliable or non-existent grid connection. Increased energy access contributes to productivity of households and economic growth (lighting and charging allows work and study beyond sunset), and helps empowering small businesses.
What is the Environmental and Social categorization rationale?
Easy Solar is an E&S category B project. Activities come with potential limited adverse risks associated with waste management and labour conditions. IFC PS applicable: 1,2,3. IFC PS not applicable as follows: 4. Community: not triggered as no specific community issues are associated with the business model 5. Land resettlement: not triggered as no land resettlement applicable 6. Biodiversity: not triggered as no effects on biodiversity are associated with the business model 7. Indigenous people: not triggered as no specific indigenous groups are affected by the business 8. Cultural heritage: not triggered as cultural heritage risks are not applicable
More investments
| Date | Total FMO financing |
|---|---|
| 5/13/2022 | EUR 0.01 MLN |
| 5/13/2022 | EUR 0.01 MLN |
| 8/24/2020 | USD 1.49 MLN |
- Region
- Africa
- Country
- Sierra Leone
- Sector
- Energy
- Effective date
- 10/28/2021
- Total FMO financing
- USD 1.25 MLN
- Funding
- Venture Capital 002
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B