Easy Solar, a West African renewable energy company, headquartered in Freetown Sierra Leon, has made it to the top 10 Financial Times’ 2023 list of the fastest-growing businesses in Africa. This ranking is a testament to the company’s commitment to providing sustainable energy solutions to communities across the region.
Founded in 2016, Easy Solar has quickly grown into one of the leading providers of solar energy solutions in Sierra Leone and Liberia. The company’s vision is to improve energy access in West Africa by providing affordable and reliable renewable energy products to households and businesses. Using pay-as-you-go technology, Easy Solar enables customers to access solar products and other durable goods, without having to pay the full cost upfront. This has made it easier for low-income households and businesses to access energy and other life improving products.
The company’s products and pay-as-you-go software platform are designed to meet the needs of low and middle income households and SMEs. Their offering includes solar lanterns, home systems, appliances as well as clean cookstoves and smartphones, all available on flexible credit plans. Easy Solar also offers bespoke power solutions for larger residential, commercial and industrial clients that are seeking to be less dependent on the grid, making it easier for them to invest in renewable energy and access reliable power.
Easy Solar’s achievements transcend its financial growth, as it has made a significant impact in the communities it serves. By providing affordable energy solutions, the company has now impacted and transformed the lives of over a million individuals in Sierra Leone. This has improved the quality of life for thousands of households and businesses, who previously relied on expensive and unreliable sources of energy such as torch lights and diesel generators.
Nascent markets like Sierra Leone, Liberia, Guinea, and others are currently home to some of the largest off-grid populations. In these regions, access to energy is severely limited. In spite of this, Easy Solar, with its unique business model, seized an opportunity in these markets. The company’s rapid growth can be attributed to the ripe market conditions that made its products and services highly sought-after.
According to the company’s Co-Founder and Chief Commercial Officer, Nthabiseng Mosia, Easy Solar has faced challenges unique to the renewable energy sector and economic landscape. “Despite facing several challenges in the last couple of years, such as rampant inflation, a fuel crisis, spiraling currency devaluation, and the COVID-19 pandemic, we’ve been quick to adapt to new challenges, and still find avenues for growth. However, companies like ours, due to the customer profile we serve (rural low-middle income households and SMEs) are often walking a tightrope and unexpected and negative changes in policy and sustained economic crisis can undermine the growth we’ve experienced.”
Easy Solar’s rapid growth in uncertain times is a testament to how vital the solutions like it provide are critical to populations in these regions. The fragility of the growth path shows how governments and donors can support in creating and maintaining a viable enabling environment for continued growth.
As the demand for renewable energy continues to grow, Easy Solar is well-positioned to expand its operations and reach more customers. The company’s innovative business model and focus on sustainability have set it apart from its competitors, and it is likely to remain a key player in the renewable energy sector in West Africa for years to come.
Easy Solar is proud to have been named one of the fastest-growing businesses in Africa. They remain steadfast in their commitment to making a positive impact through renewable energy solutions and will continue to work towards their simple mission to light up lives.
