EDFI ElectriFI has provided $3 million to Solarise Africa, a pan-African Energy-as-a-Service provider with innovative financing options, so that the firm may extend its activities in Kenya.
Solarise Africa is a company that operates in the African countries of Kenya, South Africa, Uganda, and Rwanda. They interact closely with a limited number of partners to provide a variety of individualized financial solutions for the renewable energy sector.
The FEI backs commercial, industrial, and captive power projects, as well as mini-grids and distributed generation. FEI was established by the African Development Bank as part of the New Deal for Africa program. Investment from the AfDB was joined by equity finance from the German Federal Ministry for Economic Cooperation and Development through KfW and Norfund, as well as a loan commitment from the Austrian Development Bank. The African Development Bank made an investment on behalf of the Clean Technology Fund and the European Commission.
To further strengthen its collaboration with Solarise Africa and to assist the service platform in expanding its asset portfolio in Kenya, EDFI ElectriFI is pleased to announce that it has acquired shares in both the Series A and Series B funding rounds. According to Geraldine Crosset, ElectriFI Senior Investment Officer at EDFI MC, "we anticipate this investment to bridge the financial gaps until the firm finishes its future equity round."
The European Union's (EU) ElectriFI EDFI is an impact investment facility that finances early-stage private enterprises and projects in developing countries with a focus on new or upgraded electricity connections and generating capacity from sustainable energy sources.
Even though Solarise Africa operates in other African countries, including Kenya, South Africa, Uganda, and Rwanda, this funding will mostly be used in Kenya. In Kenya, EU embassies and host governments work together to create the ElectriFI Country Window. With its Team Europe strategy, it makes a significant contribution to Kenya's National Electrification Strategy. Throughout the deal, Solarise Africa relied only on Viruni Capital Partners as its financial counsel.
Solarise Africa has been expanding throughout Africa over the last 12 months, thanks in large part to EUR5 million (US$5.9 million) in debt funding from Trine, a Swedish impact investing platform, and another £1 million from UK crowdfunders, which was divided with Energise Africa.
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