project

Solarise Africa

Country: Kenya
Technology: Solar PV
Business model: CPP

ElectriFI financed Solarise Africa through several investment rounds. This company provides tailor-made finance or rental solutions for captive solar installations to commercial & industrial customers in Kenya and South Africa.

Series A – investment round in April 2019, with a USD 1.65 million equity and quasi-equity, together with Energy Access Venture.
Series B – additional USD 2.5m, series B, to support its existing portfolio extension in South Africa and Kenya. The investment is expected to create around 134k indirect connections to electricity, employ 21 staff, and create 297 indirect jobs by 2023.
In December 2022, through CW II Kenya, ElectriFI invested USD 3m to supply Kenya’s commercial and industrial sector with solar energy.

Details of the transactions:

Series A:

Contract signature date: April 2019
Countries: Kenya and South Africa
Total ElectriFI financing: USD 1.65m (Quasi equity USD 1.25 million (equivalent EUR 1 171 948) and USD 0.5 million (equivalent EUR 351 494) equity

Series B:

Contract signature date: July 2020
Countries: Kenya and South Africa
Total ElectriFI financing: USD 2.5m

Quasi equity of mezzanine notes (USD 0.5 m (equivalent EUR 468 779) convertible redeemable shares and USD 2 million (equivalent EUR 1 875 117) non-convertible redeemable shares)

Country Window 2 Kenya:

Contract signature date: December 2020
Countries: Kenya and South Africa
Total ElectriFI financing: USD 3m (equivalent EUR 2 775 575) Junior debt

Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

About the project

ElectriFI invested USD 0.5 million equity and USD 1.25 million mezzanine loan to build and finance a portfolio of 6 MW of captive solar PV systems in South Africa and Kenya as a Series A.

As a follow on investment ElectriFI committed USD 2.5m of mezzanine notes to support the extension of Solarise Africa’s existing portfolio in South Africa and Kenya.

ElectriFI invested for the third time in Solarise Africa by signing a USD 3m loan earmarked to finance the OPEX incurred by the company to grow its assets portfolio in Kenya. This investment would bridge the funding needs until the company closes it series C equity round expected by end of 2023.

Solarise Africa is a greenfield company that provides tailor made finance or rental solutions for captive solar installations and other renewable energy and energy savings assets to selected commercial and industrial (‘C&I’) sectors (i.e. educational institutions, agro-foods processing, manufacturing, real estate, etc.) of the Kenyan and South African economies.

Investment disclosure 1

Investment disclosure 2

Investment disclosure 3

Learn more: http://solariseafrica.com/