Solarise Africa receives USD 3 m investment from EDFI ElectriFI to expand operations in Kenya.
The third investment of EDFI ElectriFI in Solarise Africa aims at enabling the company to fund its operations and grow its asset portfolio in Kenya.
In an effort to advance Africa’s access to clean energy, Solarise Africa was awarded USD 3 million by EDFI ElectriFI to provide tailored financing solutions for decentralised energy solutions to selected commercial and industrial (C&I) customers across the continent.
Solarise Africa provides reliable and affordable renewable energy solutions to businesses in Africa.
“As an existing shareholder holding shares under the Series A and the Series B rounds, EDFI ElectriFI is proud to reinforce its partnership with Solarise Africa and to support the service platform to grow its assets portfolio in Kenya. We expect this investment to bridge the funding needs until the company closes its upcoming equity round” explained Geraldine Crosset, ElectriFI Senior Investment Officer at EDFI MC.
“Solarise Africa appreciates the trust EDFI ElectriFi continues to place in us with this third investment. With the funds, we can further expand our team and hope to make solar energy a reality for more businesses and to help drive renewable energy adoption on the continent,“ added Jan-Albert Valk, Co-founder and CEO, Solarise Africa.
While Solarise Africa has operations across Kenya, South Africa, Uganda and Rwanda, this financing is allocated to Kenya, where most of its operations take place. The ElectriFI Country Window for Kenya is developed in partnership with EU Delegations and host governments. It notably contributes to the Kenya National Electrification Strategy in a Team Europe approach.Viruni Capital Partners acted as the sole financial advisor to Solarise Africa on the transaction.
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Notes to Editors:
• About EDFI ElectriFI
EDFI ElectriFI is an EU-funded impact investment facility, financing early-stage private companies and projects, focusing on new/improved electricity connections as well as on generation capacity from sustainable energy sources in emerging markets.
EDFI ElectriFI, is managed by the EDFI Management Company, a company established by the 15 European Development Finance Institutions (DFIs). https://www.electrifi.eu/
• About Solarise Africa
Solarise Africa is a pan-African Energy-as-a-Service company that provides reliable and affordable decentralised energy solutions for businesses in Africa. Through close collaboration with its partners, the company offers innovative full-service solutions that cover designing, building, financing, and maintaining renewable energy installations. The company was nominated as African Solar Company Of The Year in the 2022 AFSIA Solar Awards. For more information, please visit www.solariseafrica.com
Media contacts:
• Mathilde Poncelet, EDFI MC: mathilde.poncelet@edfi.eu
• Madaleen van der Walt, Head of Marketing at Solarise Africa: mvdw@solariseafrica.com