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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Funding»Solarise Africa Secures $33.4 Million to Advance the Adoption of Renewable Energy in Africa
    SOLARISE AFRICA SECURES $33.4 MILLION TO ADVANCE THE ADOPTION OF RENEWABLE ENERGY IN AFRICA

    Solarise Africa Secures $33.4 Million to Advance the Adoption of Renewable Energy in Africa

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    By Oluwasegun Olukotun on November 26, 2022 Funding, Renewable Energy, Solar Power

    Solarise Africa, a pan -African Energy-as-a-Service company that provides reliable and affordable decentralised energy solutions for businesses in Africa has raised $33.4 million in Africa’s largest C&I debt raise to date.

    Through close collaboration with its partners, the company offers innovative full-service solutions that cover designing, building, financing, and maintaining renewable energy installations.

    The investment bank Lion’s Head-managed fund, the Facility for Energy Inclusion (FEI) acted as lead arranger for a USD 33.4 million multi-country facility for Solarise Africa’s subsidiaries in Africa. FEI will provide USD 21.4 million of the total amount and is being joined by Oikocredit (USD 7 million) and Lion’s Head managed fund, AfricaGoGreen Fund (AGG, USD 5 million).

    FEI is designed to support small-scale independent power producers delivering power to the grid, mini-grids, commercial and industrial and captive power projects. FEI was set up by the African Development Bank as part of its New Deal for Africa initiative. In addition to the investment by the AfDB, FEI received equity funding from the German Federal Ministry for Economic Cooperation and Development through KfW and Norfund and a loan commitment from the Austrian Development Bank. The AfDB also invested on behalf of the Clean Technology Fund and the European Commission.

    AGG was established by KFW and has received funding commitments from the German Federal Ministry for Economic Cooperation and Development through KfW in addition to funding commitments from the African Development Bank, NDF, SEFA, Calvert Impact Capital and the IFC.

    The transaction was supported Project Preparation Facility (PPF) funded by the Global Environment Facility, through the African Development Bank. The PPF provides returnable grant funding for last-mile processes that are crucial to closing transactions and to fund due diligence and preparatory costs incurred in establishing innovative structures or transactions that FEI is seeking to lend to. 

    “The commercial and industrial solar market has a huge potential in Africa. This transaction demonstrates the flexibility and client-oriented focus of FEI and Lion’s Head Group. This multi-country loan will allow Solarise Africa to solidify its position in the commercial and industrial solar market in Kenya and expand its activities in other jurisdictions in Africa”, said Orli Arav, Head of Debt Funds at LHGP Asset Management.

    “We are very honoured and grateful for the confidence the investors have shown in us. As the largest debt raise in Africa’s C&I space to date, this proves that Solarise Africa has a solid business model. We are proud to welcome these three prestigious new investors – Lead arranger FEI, Oikocredit and AfricaGoGreen – to our current group of investors. Throughout 2022, we have significantly grown our footprint and portfolio, and with this new loan, we will be able to catapult our efforts to advance renewable energy adoption in Africa, “said Jan Albert Valk, CEO and Co-Founder of Solarise Africa.

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    Oluwasegun Olukotun

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