Solarise Africa, a provider of reliable and affordable renewable energy solutions to businesses in Africa, has received a third investment from EDFI ElectriFI, an EU-funded impact investment facility, to enable it to grow its asset portfolio in Kenya
EDFI ElectriFI has awarded Solarise Africa US$3mn to help it provide tailored financing solutions for decentralised energy solutions to selected commercial and industrial (C&I) customers.
“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,” said Geraldine Crosset, ElectriFI senior investment officer at EDFI MC.
Jan-Albert Valk, co-founder and CEO of Solarise Africa, commented, “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.”
While Solarise Africa has operations across Kenya, South Africa, Uganda and Rwanda, this financing is allocated to Kenya, where most of its operations take place.