Solar Saver has raised $10 million from Swedfund to expand access to affordable and reliable solar power for small and medium–sized businesses in Southern Africa.
Solar Saver will use the funds to scale-up of distributed solar and battery energy systems in South Africa, Namibia, Botswana and Zambia, in a move that will bolster access to stable electricity for small and medium-sized enterprises.
According to Jonas Kolijn, Senior Investment Manager for Energy & Climate at Swedfund, “Access to dependable and affordable energy is essential for private sector growth, job creation and climate resilience. Through this investment, we help strengthen energy security and support fossil-free economic growth in one of Africa’s key economic regions.”
Swedfund’s investment is part of a USD 60 million equity round led by Inspired Evolution’s Evolution III Fund alongside FMO, the Dutch development bank. The investment contributes to reduced greenhouse gas emissions, a more reliable electricity supply and improved competitiveness for small and medium local enterprises.
Solar Saver develops, owns and operates small-scale solar and battery systems that supply power directly to businesses. The company installs and operates systems on client premises, selling electricity through power purchase and rent-to-own contracts that require no upfront investment from the customer. It currently operates more than 700 installations with a combined capacity of circa 140 MW across Southern Africa.
Solar Saver offers clients a rent-to-own model hence they don’t require expensive capital or financial guarantees, making Solar Saver the largest fleet of self-financed C&I solar installations in Southern Africa.
The Solar Saver portfolio includes over 700 systems operated by Solar Saver under long-term rent-to-own and PPA contracts across South Africa, Namibia and Botswana.Â
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