The European Union’s ElectriFI Electrification Financing Initiative (EDFI) has joined a league of funders injecting new money into Solarise Africa.
In addition to $33.4Million from the Energy Inclusion Facility (EIF), Oikocredit and the AfricaGoGreen Fund (AGGF), ElectriFI will fund Solarise Africa with $3Million , to expand its operations in Kenya.
The European Union (EU)-funded Electrification Finance Initiative (EDFI), is managed by EDFI Management Company, whereas the Sandton, South Africa-based Solarise Africa builds solar photovoltaic power plants that are then leased to commercial and industrial (C&I) customers.
“As an existing shareholder holding shares in Series A and B, EDFI ElectriFI is proud to strengthen its partnership with Solarise Africa and support the service platform to grow its portfolio of assets in Kenya. We expect this investment to bridge the funding gap until the company closes its next round,” says Geraldine Crosset, Senior Investment Officer of ElectriFI at EDFI MC. Solarise Africa was advised in this transaction by Viruni Capital Partners, a financial services provider based in Dubai, United Arab Emirates.
EDFI ElectriFI is providing this financing under its country window for Kenya. “The ElectriFI country window for Kenya is developed in partnership with EU delegations and host governments. In particular, it contributes to Kenya’s national electrification strategy as part of a Team Europe approach,” says EDFI ElectriFI.
Solarise Africa, founded by South African and Swiss entrepreneurs, is active in Kenya, Uganda Rwanda and South Africa.