Pan-African energy leasing company, Solarise Africa, has landed a further $10 million investment to drive Africa’s clean energy expansion. The Series B investment round welcomed French development finance institution, Proparco, alongside existing investors, EAV and EDFI ElectriFI.
Courtesy of Solarise Africa
“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,” said Johann Choux, Head of Equity Investments, Financial Institutions & VC, Proparco.
On a continent where frequent outages greatly hamper productivity; Solarise Africa provides financing solutions to industrial and commercial companies that limit the upfront investment and provide manageable installment payments and short payback periods. This enables companies to optimize their cost base and productivity, reduce dependability on an unstable power grid and adopt clean energy systems.
“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,” said Jan-Albert Valk, CEO and co-founder of Solarise Africa.
The investment will be used to fund project deployments and further increase market share in current countries of operation and future expansions into Africa. Solarise Africa currently has operations across Kenya, South Africa and Rwanda where it has deployed several projects and continues to develop an extensive pipeline 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,” said Paras Patel, Partner, Energy Access Ventures.