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project

Solarise Africa

Country
Kenya
Technology
Solar PV
Business model
CPP

Contract signature date: 2 April 2019
Region: Sub Saharan Africa
Country: Kenya and South Africa
Sector: Solar PV
Total ElectriFI financing: USD 1.65mln
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Brief description of the client and project

Solarise Africa is a greenfield company that provides tailor made finance or rental solutions for captive solar installations and other renewable energy and energy savings assets to selected commercial and industrial (‘C&I’) sectors (i.e. educational institutions, agro-foods processing, manufacturing, real estate, etc.) of the Kenyan and South African economies.

Funding objective

ElectriFI will invest USD 0.5mln equity and USD 1.25mln mezzanine loan. The proceeds will be used to build and finance a portfolio of 6 MW of captive solar PV systems in South Africa and Kenya.

Why ElectriFi wants to fund this project

ElectriFI is supportive of Solarise business model as it supplements electricity from the national grid and diesel generator while bringing high-quality, stable, low cost, clean energy to C&I customers.

Environmental and social rationale: Which IFC PSs are triggered and the rationale behind it

The Project is rated category B.

Activities come with potential limited adverse risks associated with waste management and labour conditions.