Claritas Capital provides $10m for ARE Member Renewvia’s Solar Mini-grids
23 September 2021 – Solar mini-grid developer Renewvia Energy has secured a $10 million commitment from Claritas Capital, a US-based investment firm. The funding supports Renewvia's growth in Africa.
Claritas Capital, a private equity firm based in Nashville (USA) signs a $10 million partnership with Renewvia Energy. This is a significant funding round that will allow Renewvia Energy to expand its activities in the US and Africa. South of the Sahara, the Atlanta-based company installs small-scale solar photovoltaic power plants connected to mini-grids that accelerate the electrification of households and small and medium-sized enterprises (SMEs) in rural areas.
“The adoption of solar energy is increasing dramatically given the demands of climate change, energy diversification strategies and social impact opportunities that are all converging with a strong solar economy, and this investment will quickly propel Renewvia into a leadership position in the United States and abroad,” said Trey Jarrard, Renewvia Energy’s CEO.
Electrifying 350,000 people by 2024
In Africa, this funding will add to other initiatives and resources mobilised to develop Renewvia Energy’s business. A few weeks ago, the green mini-grid provider signed a partnership with Social Investment Managers and Advisors LLC (Sima) to electrify several villages in the Kenyan part of Lake Victoria. Renewvia has secured $1 million in financing from SIMA Off Grid Solar and Financial Access Senior Debt Fund I, B.V.
The company is also active in West Africa where it is actively involved in the implementation of the World Bank-supported Nigeria Power Project (NEP). According to the US company, its existing portfolio and pipeline of solar PV mini-grid projects will serve more than 350,000 people, as well as small and medium-sized enterprises in remote locations not covered by the national grid. These projects will offset 2,800 tonnes of CO2 and create hundreds of construction and full-time jobs by 2024.