A pan-African energy leasing company, Solarise Africa is collaborating with Swedish-based impact investment platform Trine, to invest in renewable projects on the continent.
The first debt financing round provided by Trine will finance five solar projects in Kenya and South Africa.
As businesses are increasingly faced with rising energy costs and a desire to improve the sustainability of their operations, demand for on-site renewable energy assets is growing.
Estimated at $5.9 million, the venture will be funded across multiple tranches. It is an investment in urban development, food security, renewable energy, manufacturing and production in South Africa, Kenya, Ghana and Rwanda.
Trine chief executive and co-founder Sam Manaberi said: “We are very excited about this new partnership as we move into the commercial and industrial market.
“This presents a new offering for our investors as Solarise Africa works with a selected group of renewable energy solution companies and collaborates very closely with their partners to provide a range of tailor-made financial solutions for their customers,” he emphasised.
“Their innovative financing solutions are very impressive and we are glad to have them on board and look forward to following their continued success.”
Solarise Africa chief executive and co-founder Jan Albert Valk added: “Our first debt raise marks a milestone for the business. We are deeply honored by Trine’s and its investors’ confidence. These funds will be used to deploy projects and expand market share in current operational countries.”
Solarise Africa currently has operations in Kenya, South Africa, Rwanda, Uganda, and Ghana where several projects have been deployed, and operations continue to rapidly expand.