December 4 (Renewables Now) - UK-based development and investment platform Gridworks Development Partners LLP said Monday it has reached financial close of ZAR 106.7 million (USD 7.5m/EUR 6.8m) in equity funding for South African firm Mettle Solar Investments.
The investment from Gridworks will help Mettle, which specialises in commercial and industrial (C&I) solar power, expand into new markets in Africa. At present, Mettle has 34 projects with a combined capacity of 28.1 MW in operation in South Africa, Namibia, Kenya and Indian Ocean islands and another 2.3 MW under construction.
This is the first investment for Gridworks, which is backed by UK development finance institution CDC Group, since it was launched in June.
Gridworks will look to invest more than USD 300 million (EUR 273m) in transmission and distribution infrastructure and on and off-grid solutions, including mini-grids and C&I solar systems.
(ZAR 10.0 = USD 0.7/EUR 0.6)