EAV and ElectriFI co-invest in Solarise Africa
Energy Access Ventures (EAV), an investor in smart infrastructure in Africa, and ElectriFI, a flexible financial facility funded by the EU, have co-invested in Solarise Africa, a pan-African clean energy and energy efficiency leasing company.
Solarise Africa provides financing solutions to commercial and industrial businesses, enabling them to deploy clean energy systems, especially solar, with limited upfront investment, manageable payments and short payback periods.
This is the second closing of the company’s Series A round of funding.
EAV led an investment into the company in October 2018.
Michael Gera, Managing Partner of EAV, said: “Solarise Africa offers a compelling solution, addressing the financing pain point that has hindered solar uptake by the C&I sector.”
“With their leasing and SME finance experience, the Solarise Africa team are providing innovative financing solutions that are unlocking the significant potential of C&I solar. We are excited to support the team as they become a pan-African financier as well as a key player in Africa’s Smart Infrastructure revolution,” he said.
Dominiek Deconinck, Manager at ElectriFI, added: “Solarise Africa is a crucial addition to Africa’s captive energy ecosystem. By removing the financing hurdle, Solarise Africa is helping to bring high-quality, reliable, low-cost, clean energy to Africa’s under-served commercial and industrial (C&I) sector. We are delighted to embark on this journey with the Solarise Africa team and to support them as they rapidly scale.”
Solar power is one of the continent’s most abundant but under-used resources.
Africa’s growing technological capabilities will facilitate a thriving economy and enable development, and solar is the clear and most cost-effective energy source.
By driving a shift away from costly and unreliable energy sources, Solarise Africa helps its clients to improve their cost base and productivity.
The company has commenced operations in Kenya, where it already has deployed three projects and developed an extensive pipeline.
Solarise will now use the capital raised to fund further market expansion and project deployments.
“We are pleased to partner with two industry-leading organisations,” said Jan Albert Valk, co-founder and CEO of Solarise Africa.
“Sustainable energy solutions are crucial to driving development in Africa, lowering the carbon footprint, and providing access to safe and affordable services across the continent. The future of Africa’s business and C&I sectors relies on solar power. Sustainable energy solutions are the obvious choice if Africa is going to overcome the energy hurdles it currently faces.” Source: Africa Global Funds