Solarise Africa, a Nairobi-based pan-African clean energy firm has held the second closing of its Series A round of funding led by EAV and ElectriFI, a flexible financial facility funded by the European Union.
According to Jan Albert Valk, co-founder and CEO of Solarise Africa, “Sustainable energy solutions are crucial to driving development in Africa, lowering the carbon footprint, and providing access to safe and affordable services across the continent. The future of Africa’s business and C&I sectors relies on solar power. Sustainable energy solutions are the obvious choice if Africa is going to overcome the energy hurdles it currently faces.”
Solarise will now use the capital raised to fund further market expansion and project deployments.
Solarise Africa provides financing solutions to commercial and industrial businesses, enabling them to deploy clean energy systems, especially solar, with limited upfront investment, manageable payments and short payback periods. By driving a shift away from costly and unreliable energy sources, Solarise Africa helps its clients to improve their cost base and productivity. The company has commenced operations in Kenya, where it already has deployed three projects and developed an extensive pipeline.
EAV led an investment into Solarise Africa in October 2018 to help the firm address the financing pain point that has hindered solar uptake in Africa and other emerging markets
“With their leasing and SME finance experience, the Solarise Africa team are providing innovative financing solutions that are unlocking the significant potential of C&I solar. We are excited to support the team as they become a pan-African financier as well as a key player in Africa’s Smart Infrastructure revolution,” said Michael Gera, Managing Partner of EAV.
Solar power is one of the continent’s most abundant but under-used resources. Africa’s growing technological capabilities will facilitate a thriving economy and enable development, and solar is the clear and most cost-effective energy source.
Dominiek Deconinck, Manager at ElectriFI, added that Solarise Africa is a crucial addition to Africa’s captive energy ecosystem.
“By removing the financing hurdle, Solarise Africa is helping to bring high-quality, reliable, low-cost, clean energy to Africa’s under-served commercial and industrial (C&I) sector. We are delighted to embark on this journey with the Solarise Africa team and to support them as they rapidly scale.,” said Deconinck.