Tuesday, August 9, 2022
Tuesday, August 9, 2022
Home Startups Solar firm REDAVIA closes over $898,000 in debt financing from Trine for expansion

Solar firm REDAVIA closes over $898,000 in debt financing from Trine for expansion

by Milcah Lukhanyu
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Redavia, an industry leader in offering solar farms to businesses in East and West Africa has closed €750 000 ($898,650) in debt finance from investment service Trine in a record 5 hours.

The €750 000 is the first loan and is a part of a total facility of EUR 5 million that Redavia is raising. Fully funded in less than 5 hours, Trine says this is the fastest loan funded through its impact investment platform to date.

In a statement, Sam Manaberi, co-founder and CEO of Trine said, “The fast pace of closing this loan is yet another proof point that there is a huge appetite for investing in clean energy and Trine is committed to our promise of providing long-term funding partnerships to help the most innovative companies scale their business. We look forward to being a part of REDAVIA’s journey as they continue to expand their operations in Kenya, Ghana and Tanzania”,

The €750 000 was raised from more than 1,400 investors and will enable the firm to scale up its operations, contribute to green jobs and sustainable growth by installing 11 solar sites with a peak production capacity of 1.5 Megawatts across Ghana.

REDAVIA offers solar power for businesses and communities in West and East Africa through its REDAVIA system which is based on a pre-configured model, including high-performance solar modules and electrical components.  With an already demonstrated capacity to deploy, operate and grow a portfolio of assets, REDAVIA’s loan will help it expand her portfolio rapidly over the coming years.

“On behalf of the entire REDAVIA team and customer portfolio, I am very grateful for the record-breaking success of this first investment opportunity and the start of a long-term, win-win partnership with Trine. This success further validates REDAVIA’s unique approach in the solar-for-business segment and we look forward to helping more African businesses optimize their power cost, reduce their carbon emissions, and grow sustainably in the coming years”, said Erwin Spolders, Founder & CEO of REDAVIA.

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