Solarise Africa has just carried out a new financial mobilisation which has made it possible to raise funds from several financial partners including Energy Access Ventures (EAV); Proparco, the subsidiary of the French Development Agency (AFD) responsible for private sector financing; and EDFI ElectriFI.
The new Solarise Africa fundraising attracted a new investor. In addition to traditional partners such as Energy Access Ventures (EAV) who arranged the operation, the financial mobilisation saw the participation of Proparco, the subsidiary of the French Development Agency (AFD). The financial company is injecting 4 million euros into Solarise Africa through the African Renewable Energy Scale-Up facility (ARE Scale Up facility) jointly set up by AFD Group and the European Union.
Solarise has also received funding from EDFI ElectriFI (Electrification Financing Initiative), a European Union financing mechanism. “We are delighted to support the company with an additional 2.5 million dollars in this series B (…). With this important milestone achieved, we believe Solarise is in an excellent position to realise its ambitious plans, targeting more than 150 MW of solar assets, which corresponds to reaching more than 100,000 indirect connections over the next 5 years. This is a very significant contribution to the electrification efforts in sub-Saharan Africa”, says Dominiek Deconinck, EDFI’s Managing Director, managing director of ElectriFI.
ElectriFI and EAV have already participated in a fundraising event for Solarise Africa in 2019. This year, the objective is the same, to develop its activities in the solar energy and energy efficiency leasing market in Africa. The company is present in Kenya, South Africa and Rwanda where it finances and installs solar photovoltaic systems for commercial and industrial companies. Its ambition is to conquer the whole of East Africa and to expand into the west of the continent.