Zambian solar energy company MySol raises $7.7 million to elecrify 40,000 people with solar energy
The investment will be used to expand MYSOL’s operations and provide clean, reliable, and affordable electricity to underserved communities in rural areas of Zambia. The African Development Bank’s Facility Energy Inclusion (FEI), which is on a mission to provide flexible, sustainable, and efficient financing to support the expansion of the energy sector in Africa, led the funding.
MYSOL aims to leverage the funds to increase its solar energy capacity and extend its reach to areas that currently lack access to electricity. The company’s off-grid solar solutions offer a sustainable alternative to conventional power sources, especially in remote regions where grid infrastructure is limited or absent. With the new investment, MYSOL plans to install mini-grids, solar home systems, and solar-powered water pumps, catering to the diverse energy needs of rural communities.
The company hopes to improve living conditions by providing clean electricity, stimulating economic growth, and enhancing educational opportunities in these areas. The Zambian government has been actively promoting renewable energy to address the energy access gap and reduce dependence on fossil fuels.
Zambia has abundant solar resources, making it an ideal location for solar energy projects. MYSOL’s initiatives will contribute to reducing carbon emissions, foster the development of a green economy, and create employment opportunities in the renewable energy sector.
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