Dentons and Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership have advised Dutch Development Finance Corporation's venture capital program FMO Ventures on a EUR 5.5 million subscription for convertible notes and redeemable shares in SolarX. Satis Partners reportedly advised FMO in Mali, Burkina Faso, and Senegal. Ffooks Gokulsing reportedly advised SolarX.
SolarX is a commercial and industrial solar rooftop business active in Mali, Burkina Faso, and Senegal. According to Dentons, it “provides clean, affordable, and reliable power to small and medium-sized enterprises that currently rely on high-cost, high-emission diesel generators, and an unreliable and expensive grid. It specializes in the development, construction, and operation of grid-connected, stand-alone, and hybrid solar PV installations.”
According to the firm, “the West African countries in which SolarX operates are highly vulnerable to climate change. FMO's investment will contribute to increased access to power, reduced cost of electricity, growth in local employment, and a reduction in carbon dioxide emissions.”
The team included Istanbul-based Dentons Partner Nadia Cansun, BASEAK Associates Mert Buberoglu and Ahsen Melda Arabaci, and Dentons lawyers in the Netherlands and Mauritius.