Kenyan-based Solarise Africa has secured Eur 5 million (US$5.9 million) in debt financing from Swedish impact investment platform Trine to help it sustain its growth across the continent.
Founded by Patrik Huber, Jan Albert Valk, and Sakkie van Wijk, Solarise Africa is an energy leasing company for solar and other energy assets focusing on commercial and industrial clients (C&I).
The company, which provides smart financing via a selected group of partners had raised a US$10 million Series B funding round last year, and it has now topped that up with EUR5 million in debt from Trine, an investment service built specifically to provide debt capital to innovative solar-focused businesses in emerging markets.
The funds, which will be disbursed across multiple tranches, will advance investments in food security, renewable energy, urban development, and manufacturing and production in South Africa, Kenya, Ghana, and Rwanda. The first disbursement will finance five solar projects in South Africa and Kenya.
“Our first debt raise marks a milestone for the business”, said Valk, Solarise’s chief executive officer (CEO). “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. At the moment, Solarise Africa has operations in Kenya, South Africa, Rwanda, Uganda, and Ghana where several projects have been deployed, and our pipeline continues to expand quickly. We are excited to make our Energy-as-a-Service offering available to more partners so that we can actively drive Africa’s progress together.”
Sam Manaberi, CEO and co-founder of Trine, said he was excited about the new partnership as his company moved 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. Their innovative financing solutions are very impressive and we are glad to have them on board and look forward to following their continued success,” Manaberi said.