DREX Secures Investment from Exagon Impact Capital for Solar Project in Ecuador
Ecuadorian solar developer DREX has received financing from Exagon Impact Capital for a six-megawatt solar installation at Grupo Almar, a major shrimp exporter. This marks DREX's first project financing and Exagon's initial investment in Ecuador. DREX aims to address the financing gap for mid-sized solar projects in Latin America, while also developing a digital platform to standardize project presentations for investors. Founder Joselyn Del Rosario is currently raising a $1.2 million seed round.
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DREX, an Ecuadorian solar developer, has secured financing from Exagon Impact Capital for a six-megawatt solar project at Grupo Almar, one of Ecuador's largest shrimp exporters. This is DREX's first project to receive financing and Exagon's first investment in Ecuador.
Founded by Joselyn Del Rosario in 2024, DREX aims to fill the financing gap for projects too large for local lenders but too small for development finance institutions. The company is also building a digital platform to better present mid-sized solar projects to investors.
Del Rosario is raising a $1.2 million seed round and aims to attract investors who trust women-led initiatives. Solar power is positioned as a stable alternative to Ecuador's hydropower, which is vulnerable to climate change impacts.
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