- Two investors are taking a majority stake in Equator Energy.
- The Kampala, Uganda-based company installs solar photovoltaic power plants for commercial and industrial (C&I) customers.
Via Equator Energy, two financial institutions are promoting the growth of renewable energy in Africa. The Kampala, Uganda-based business has just made its funds available to a group of investors. IBL Energy, a Port Louis-based company of the IBL Group that is listed on the Mauritius stock exchange, the French Development Agency (AFD), and Stoa, an impact fund established by the Caisse des dépôts et consignations (CDC) and the French Development Agency, make up the partnership (AFD).
The investments’ worth has not been made public. The group, which now owns most of Equator Energy, is primarily funded by IBL Energy. The value of the investments has not been disclosed. But IBL Energy is the leading investor in the consortium, which now holds a majority stake in Equator Energy.
Sebastian Noethlichs, the founder of Equator Energy, stated that with the help of IBL Energy and Stoa, “we are confident in our potential to provide even more innovative solar solutions to our existing base of more than 100 clients, as well as to expand our reach to new consumers in the future.” Equator Energy has made a name for itself in the sub-Saharan African energy market by offering solar photovoltaic electricity to commercial and industrial (C&I) customers.
With its existing 35 MW of installed capacity, the company is already present in East Africa, primarily in Kenya and Uganda, “with lesser operations” in Zimbabwe, Somalia, Gambia, and South Sudan. Equator Energy has installed solar energy systems in a number of East African nations since the start of 2023.