Recently, the company received US$5.9 million in debt funding from Trine, a Swedish impact investing platform, to enable it to continue to expand across Africa.
Last year, the company completed a US$10 million Series B funding round through a small group of partners, and it has now added EUR5 million in loans from Trine, an investment service developed exclusively to give debt capital to innovative solar-focused enterprises in emerging economies.
Solarise’s chief executive officer, Valk, remarked, “Our first debt-raise marks a milestone for the business…We are humbled by Trine’s and its investors’ trust in us. These funds will be utilized to launch projects and increase market share in areas where the company already operates. Solarise Africa currently has operations in Kenya, South Africa, Rwanda, Uganda, and Ghana, where various projects have been implemented, and our pipeline is rapidly growing. We’re delighted to expand our Energy-as-a-Service offering to more partners so that we may work together to accelerate Africa’s progress.”
Trine’s CEO and co-founder, Sam Manaberi, expressed enthusiasm for the new alliance as his company expanded into the commercial and industrial industry thus:
“Solarise Africa works with a limited set of renewable energy solution businesses and collaborates closely with its partners to create a choice of tailor-made financial solutions for their consumers, which presents a novel option for our investors. We are happy to have them on board and look forward to seeing their continued success,”
The funds will accelerate investments in food security, renewable energy, urban development, manufacturing, and production in South Africa, Kenya, Ghana, and Rwanda, and will not be disbursed at once. As the project unfolds, it will be let out in small tranches to effectively realise its goal.
The initial disbursement will fund five solar projects in South Africa and Kenya.