- Trine will invest €5m in Solarise Africa.
- The funds will enable the company to deploy more projects and expand to other African countries.
Trine has invested €5 million in Solarise Africa, a commercial and industrial solar services provider. Solarise plans to use the investment to fund its African expansion plans. The Sweden-based impact investor will inject the funds via several tranches. According to Trine, “the first round of debt financing will unlock the potential to meet the demand for renewable energy and will finance five solar projects in the regions of South Africa and Kenya.” The company also adds that the funding will enable the provision of solar energy to commercial and industrial customers in Rwanda and Ghana.
Solarise Africa currently operates in Kenya, South Africa, Rwanda, Uganda and Ghana, deploying several projects. Trine’s investment will also allow the company to deploy more projects and expand its market share in these countries. Last year, Solarise raised €6.5 million as part of a fund-raising exercise in which Proparco, the subsidiary of the French Development Agency (AFD), and EDFI ElectriFI (Electrification Financing Initiative).