Thursday, July 7, 2022
Thursday, July 7, 2022
Home Solar WiSolar to raise series A $40M to roll-out solar electricity across Africa

WiSolar to raise series A $40M to roll-out solar electricity across Africa

by Stella Kabura
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WiSolar, a Solar-as-a- Service product in Nigeria and South Africa is seeking to raise $40m to launch its products in Nigeria and South Africa.

The Gauteng-based firm will be rolling out its prepaid decentralized solar electricity (Solar-as-a-Service) for mass adoption in communities that currently in South Africa and Nigeria that suffer from the inadequate power supply.

The Solar-as-a-Service solution is targeting South Africa’s Gauteng, Mpumalanga, North West, Eastern Cape, Western Cape,
Limpopo, Free State, KwaZulu-Natal, and Northern Cape provinces and Lagos, Abuja, Southern Nigeria states, primarily Southeast, (Enugu, Abia, Imo, Anambra), Southwestern Nigeria (Lagos, Ogun, Oyo, and Ondo), and Rivers state in Nigeria.

The company is reported to adopt different strategies in the areas to be serviced, particularly in the North of Nigeria. The Nigerian vision is for prepaid solar to be the primary source for electricity with grid electricity as a backup. Consequently, WiSolar is looking to totally eliminate environment polluting generators with associated high running costs in maintenance across Nigeria via solar-as-a-service.

The firm is seeking to series A $40M in debt and equity for the accelerated roll-out of prepaid solar electricity in South Africa and Nigeria.

The project is planned to be launched in the third quarter of 2020 with attractive pricing. The proposed pricing for South Africa is ZAR 0.82 cents per KWh, which is less than grid parity with Eskom (South Africa’s electricity utility) pricing currently ZAR 148.07 cents per kWh.

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