Solar financing specialist SolarAfrica, together with investment management company Inspired Evolution, signed a $7.4 million equity investment facility which enables a fund size of up to $37 million to finance solar PV solutions. The new funding joint venture allows SolarAfrica to strengthen its partnership approach by providing competitive financed solutions for their growing EPC and sales partner network.
SolarAfrica provides funding solutions for residential, commercial and industrial energy users and is well positioned to benefit from the rapid growth evidenced in the South African commercial and industrial market over the past few years and will capitalize on the growing opportunities further afield in select Sub-Saharan African countries.
SolarAfrica’s software platform (Unifii) is an innovative online design and credit technology portal accessed by its solar EPC and sales partners. Unifii automates the process of generating a fully financed solar energy proposal for its certified partner’s customer base. This process removes previous market friction points and unlocks solar energy solutions for property owners, SMME businesses or any commercial energy user interested in electricity savings without any capital requirements.
SolarAfrica CEO, James Irons, commented, “We are excited to have Evolution II as our funding partner in this growing specialized market. “
Christopher Clarke, Managing Partner at Inspired Evolution, said, “We have been evaluating the C&I market over the last three to four years and concluded on the merits of establishing an affordable, credit-worthy financing platform as the optimal point of entry for our Evolution II Fund.”