South African renewable energy company SolarSaver has raised US$60 million to accelerate the deployment of affordable and reliable solar power solutions for small and medium-sized enterprises (SMEs) across Southern Africa.
SolarSaver develops, owns, and operates small-scale solar and battery systems that deliver clean energy directly to businesses. Its model allows clients to access solar power without upfront capital investment through power purchase agreements (PPAs) and rent-to-own contracts, reducing reliance on unstable grid supply and mitigating high electricity costs.
Currently operating over 700 installations with a combined capacity of approximately 140 MW, SolarSaver plans to use the new funding to scale distributed solar and battery systems in South Africa, Namibia, Botswana, and Zambia. This expansion aims to strengthen energy security for SMEs, which are often hardest hit by power shortages and rising tariffs.
The US$60 million equity round was led by Inspired Evolution’s Evolution III Fund, alongside FMO, the Dutch development bank, and Swedfund, the Swedish development finance institution.
Jonas Kolijn, Senior Investment Manager for Energy and Climate at Swedfund, commented:
Access to dependable and affordable energy is essential for private sector growth, job creation, and climate resilience. Through this investment, we help strengthen energy security and support fossil-free economic growth in one of Africa’s key economic regions.
