- The European Union’s ElectriFI Electrification Financing Initiative (EDFI) invests $3 million in Solarise Africa.
- The Sandton, South Africa-based company provides solar energy to commercial and industrial (C&I) customers.
Solarise Africa acquires funding from the Electrification Finance Initiative (EDFI ElectriFI). The European Union (EU)-funded facility, managed by EDFI Management Company, is injecting $3 million into the South African company’s capital to expand its operations in Kenya. The company funds and constructs solar photovoltaic power facilities in the nation of East Africa and elsewhere on the continent, which are subsequently leased to commercial and industrial (C &I) customers to secure their electricity supply and reduce their carbon impact.
“As an existing shareholder holding shares in Series A and B, EDFI ElectriFI is proud to strengthen its partnership with Solarise Africa and support the service platform to grow its portfolio of assets in Kenya. We expect this investment to bridge the funding gap until the company closes its next round,” said Geraldine Crosset, Senior Investment Officer of ElectriFI at EDFI MC. Solarise Africa was advised in this transaction by Viruni Capital Partners, a financial services provider based in Dubai, United Arab Emirates.
The majority of Solarise Africa’s assets are situated in Kenya, hence EDFI ElectriFI is providing this finance through its country window for that nation.