Kenya-based clean and renewable energy company, Solarise Africa has secured US$10-million in funding from a Series B investment round from French development finance institution, Proparco and existing investors, EAV and EDFI ElectriFI.
According to the renewable energy company, the funding will be utilised to help the company advance its clean energy offering in Kenya, South Africa and Rwanda.
In addition, the company stated that the latest move will further assist SMEs to maintain its operations with an affordable financial solution.
Paras Patel, Partner, Energy Access Ventures said the expansion of Solarise Africa’s offering will provide added value to a greener society across the continent.
“We are excited to continue to support the Solarise team as they grow their geographical footprint and impact across Africa. The team has continued to demonstrate their bankability with successful deployments within a short period, strategic market expansion, pipeline development and agility in handling the COVID-19 crisis,” Patel said.
In addition, the investment will be used to fund project deployments and further increase market share in current countries of operation and future expansions into Africa.
Johann Choux, Head of Equity Investments – Financial Institutions and VC, Proparco, explained that the expansion will help SMEs utilise greener energy.
“Solarise represents a compelling opportunity for Proparco in the off-grid sector. We are proud to support this innovative project as a first co-investment alongside a strong provider such as EAV. It should remarkably enable African SMEs to start their road towards greener energy through the provision of a decentralised renewable energy production solution,” said Choux
With South Africa’s main electricity provider, Eskom, implementing load shedding, the domino effect that it has had on businesses has crippled their operations and overall revenue.
Solarise Africa provides innovative financing solutions to industrial and commercial companies. Offering SMEs and larger businesses a source of renewable energy payable through instalment payments and short payback periods can assist businesses to maintain their operations. Working with a selected group of renewable energy solution companies, Solarise Africa is able to provide tailor-made financial solutions to SMEs and larger businesses.
This, stated Solarise Africa, enables companies to optimise their cost base and productivity, reduce dependability on an unstable power grid, and adopt clean energy systems.
Jan-Albert Valk, CEO and Co-Founder, Solarise Africa reiterated the importance of integrating clean and renewable energy within African businesses. “Africa has been ready for clean energy expansion for the African SME sector, but financing has always been a significant hurdle. By addressing this critical value chain need, we can help to fast-track green energy adoption.”
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