Source: Camco.
The third investment of EDFI ElectriFI in energy-as-a-service company Solarise Africa is meant to enable it to fund its operations and grow its asset portfolio in Kenya.
In an effort to advance Africa’s access to clean energy, Solarise Africa was awarded $3 million by EDFI ElectriFI to provide tailored financing solutions for decentralised energy solutions to selected commercial and industrial (C&I) customers across the continent.
“As an existing shareholder holding shares under the Series A and the Series B rounds, EDFI ElectriFI is proud to reinforce its partnership with Solarise Africa and to support the service platform to grow its assets portfolio in Kenya. We expect this investment to bridge the funding needs until the company closes its upcoming equity round” explained Geraldine Crosset, ElectriFI Senior Investment Officer at EDFI MC.
“Solarise Africa appreciates the trust EDFI ElectriFi continues to place in us with this third investment. With the funds, we can further expand our team and hope to make solar energy a reality for more businesses and to help drive renewable energy adoption on the continent,” added Jan-Albert Valk, Co-founder and CEO, Solarise Africa.
While Solarise Africa has operations across Kenya, South Africa, Uganda and Rwanda, this financing is specifically allocated to Kenya, where most of its operations take place. The ElectriFI Country Window for Kenya is developed in partnership with EU Delegations and host governments. It notably contributes to the Kenya National Electrification Strategy in a Team Europe approach.
Viruni Capital Partners acted as the sole financial advisor to Solarise Africa on the transaction.
