Nairobi, 18 July 2019 - Solarise Africa, a pan-African clean energy and energy efficiency leasing company, has held the second closing of its Series A round of funding.
ARE Member EAV, the leading investor in Smart Infrastructure in Africa, who led an investment into the company in October 2018, was joined by ElectriFI, a flexible financial facility funded by the European Union.
Dominiek Deconinck, Manager at ElectriFI, stated: “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.”
“Solarise Africa offers a compelling solution, addressing the financing pain point that has hindered solar uptake by the C&I sector. 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.
“We are pleased to partner with two industry-leading organisations,” said 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.”
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.
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. Solarise will now use the capital raised to fund further market expansion and project deployments.
About Solarise Africa
Solarise Africa (www.solariseafrica.com) is a pan African energy leasing company for solar and other energy assets focusing on Commercial and Industrial (C&I) clients. The company was founded by Patrik Huber, Jan Albert Valk and Sakkie van Wijk, who all have a combined deep experience in leasing, SME finance and renewable energy across the entire African continent. With a business model designed for scalability, Solarise Africa provides smart financing through close collaboration with a selected group of partners across solar and other renewable energy technologies.
EAV (www.eavafrica.com) is the leading smart infrastructure investment firm in Africa. With over 40 years of investment experience in Africa, EAV is uniquely positioned to take advantage of the emerging smart, distributed, cost-effective infrastructure market segment. EAV has carved out a reputation as a hands-on investor that works closely with its portfolio companies to capture the significant opportunity in Africa. EAV’s first fund (“EAV I”) was raised in February 2015 and is €75,000,000 in size with 9 investment professionals. The fund is sponsored by the leading French multinational Schneider Electric and is managed by Aster Capital in Paris. Its investors are CDC Group (UK), managing funds for the UK Department for International Development, the European Investment Bank, the Fonds d'Investissement et de Soutien aux Enterprises en Afrique (FISEA) held by Agence Française de Développement (AFD) and managed by Proparco, the Fonds Français pour l'Environnement Mondial (FFEM), administered by AFD, Financierings-Maatschappij voor Ontwikkelingslanden (FMO), the Netherlands Development Finance Company the OPEC Fund for International Development (OFID) and Schneider Electric.
ElectriFI (www.electrifi.eu) is an impact investment facility, investing in early stage private companies and projects, focusing on new/improved electricity connections as well as on generation capacity from sustainable energy sources in emerging markets. ElectriFI is funded by the European Union and other partners and managed by EDFI Management Company as a sub-delegatee of FMO.