Nairobi-based, Africa-focused energy leasing company, Solarise Africa, has landed a further $10m investment to drive Africa’s clean energy expansion. The Series B investment round welcomed French development finance institution, Proparco, alongside existing investors, EAV and EDFI ElectriFI.
“Africa has been ready for clean energy expansion for the African SME sector, but financing has always been a significant hurdle. By addressing this critical value chain need we can help to fast-track green energy adoption,” said Jan-Albert Valk, CEO and co-founder of Solarise Africa. “We are proud to welcome Proparco as a new investor in Solarise and we are grateful for the support we have received by EAV as our anchor investor almost since our inception, and by the confidence our existing investors EAV and Electrifi have shown by this follow up investment.”
Here Is What You Need To Know
- The company will use the investment to fund project deployments and further increase market share in current countries of operation and future expansions into Africa.
- Solarise Africa currently has operations across Kenya, South Africa and Rwanda where it has deployed several projects and continues to develop an extensive pipeline across the continent.
- The latest investment brings the startup’s total announced funding to $13.3 million.
Why The Investors Invested
“Solarise represents a compelling opportunity for Proparco in the off-grid sector. We are proud to support this innovative project as a first co-investment alongside a strong provider such as EAV. It should remarkably enable African SMEs to start their road towards greener energy through the provision of a decentralised renewable energy production solution,” said Johann Choux, Head of Equity Investments — Financial Institutions & VC, Proparco.
“Since EDFI ElectriFi’s first investment, Solarise Africa has successfully rolled out its business plan — strengthening its team, commissioning its first project and expanding its pipeline through additional partnerships. Only one year later, we are delighted to back the company with additional investment. We believe Solarise is excellently positioned to realise its ambitious plans,” said Dominiek Deconinck, CIO at EDFI Management Company.
Read also: A New $160m Energy Inclusion Fund Launched for Solar Energy Startups In Africa
A Look At What Solarise Does
Founded in 2017 by Jan Albert Valk, Patrik Huber, Sakkie Van Wijk, Solarise Africa works with a selected group of renewable energy solution companies and they collaborate very closely with their partners to provide a range of tailor-made financial solutions for their customers. They offer innovative leasing solutions that require minimal capital expenditure with short payback periods that companies save money. This enables companies to optimise their cost base and productivity, reduce dependability on an unstable power grid and adopt clean energy systems.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer