KENYA: ElectriFi Invests $3m in Solar Energy Provider Solarise

Posted on : Wednesday, 11th January 2023

Solarise Africa is again getting funding from the Electrification Finance Initiative (EDFI ElectriFI). The European Union (EU)-funded facility, managed by EDFI Management Company, is injecting $3 million into the South African company’s capital to expand its operations in Kenya. In the East African country and elsewhere on the continent, the company finances and builds solar photovoltaic power plants that are then leased to commercial and industrial customers to secure their electricity supply while improving their carbon footprint.

 

“As an existing shareholder holding shares in Series A and B, EDFI ElectriFI is proud to bolster 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,” said 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, where most of Solarise Africa’s assets are located. “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.

 

The company led by Jan-Albert Valk is also active in South Africa, Uganda and Rwanda. A few days ago, Solarise raised $33.4 million from the Energy Inclusion Facility (EIF), Oikocredit and the AfricaGoGreen Fund (AGGF) to expand its portfolio of solar commercial and industrial projects in Kenya.