Solarise Africa secures USD 33.4m debt for C&I solar in Africa
One of Solarise Africa's recent solar installations at the Volvo Trucks manufacturing plant in Durban, South Africa. Image by Solarise Africa.
November 24 (Renewables Now) - Solarise Africa, a company offering energy-as-a-service to businesses in Africa, on Thursday said it has raised a USD-33.4-million (EUR 32.1m) debt facility.
According to the firm this represents the largest C&I debt raise in Africa so far.
The Facility for Energy Inclusion (FEI), managed by Lion's Head Global Partners, acted as lead arranger for the facility. FEI will provide USD 21.4 million of the financing, with the balance coming from social impact investor Oikocredi and another Lion’s Head-managed fund, AfricaGoGreen Fund.
“This multi-country loan will allow Solarise Africa to solidify its position in the commercial and industrial solar market in Kenya and expand its activities in other jurisdictions in Africa,” said Orli Arav, head of debt funds at Lion’s Head Asset Management. According to the executive, the commercial and industrial solar market has great potential in Africa.
Solarise Africa’s offerings cover designing, building, financing and maintaining renewable energy installations.