Solarise Africa has received USD 3 million from EDFI ElectriFI to deliver bespoke financing solutions for decentralised energy solutions to selected commercial and industrial (C&I) customers across the continent in order to promote Africa’s access to sustainable energy.
Solarise Africa offers dependable and cost-effective renewable energy solutions to African businesses.
“As an existing shareholder holding shares under the Series A and the Series B rounds, EDFI ElectriFI is proud to reinforce its partnership with Solarise Africa and to support the service platform to grow its assets portfolio in Kenya. We expect this investment to bridge the funding needs until the company closes its upcoming equity round,” explained Geraldine Crosset, ElectriFI Senior Investment Officer at EDFI MC.
Read also South African Digital Lender Lulalend Arranges $4.7 Million In Bond Placement
“Solarise Africa appreciates the trust EDFI ElectriFi continues to place in us with this third investment. With the funds, we can further expand our team and hope to make solar energy a reality for more businesses and to help drive renewable energy adoption on the continent,“ added Jan-Albert Valk, Co-Founder and CEO, Solarise Africa.
While Solarise Africa has activities in Kenya, South Africa, Uganda, and Rwanda, the majority of its funding is directed to Kenya. Kenya’s ElectriFI Country Window is being developed in collaboration with EU Delegations and host governments. It significantly contributes to Kenya’s National Electrification Strategy using a Team Europe strategy. Solarise Africa’s only financial advisor on the deal was Viruni Capital Partners.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.