- Solar energy provider Solarise Africa is getting $33.4 million to expand its operations in Africa.
- The funds were raised in a round arranged by the AfDB’s Facility for Energy Inclusion (FEI).
The Sandton, the South Africa-based company, has raised €33.4 million for Solarise Africa to expand its solar PV portfolio. The Facility for Energy Inclusion (FEI), a renewable energy finance funding established by the African Development Bank (AfDB) and managed by Lion’s Head Asset Management, organized the transaction that secured the facility.
$21.4 million in funding will be given by the EIF. Oikocredit, a Dutch impact investor, will provide $7 million. The AfricaGoGreen Fund is contributing the final $5 million (AGGF). The money will allow the business to build its project portfolio in Kenya and other African nations more quickly.
The company that Patrik Huber and Jan Albert Valk co-founded develops, funds, and manages solutions for commercial and industrial (C&I) clients with the help of regional partners. The business operates in South Africa, Rwanda, and Kenya and provides solar photovoltaic electricity to several companies. Solarise Africa recently declared a partnership with solar energy producer Centennial Generating. Through this alliance, Solarise hopes to increase the demand for its services in Zambia and Uganda, two countries in East Africa.