Energy leasing firm Solarise Africa, located in Kenya, has secured $33.4 million in debt financing.
Patrik Huber, Jan Albert Valk, and Sakkie van Wijk founded Solarise Africa, a firm that specializes in leasing solar and other energy assets for businesses and industries (C&I).
The business, which offers intelligent finance through a chosen set of partners, is already well-capitalized and has now secured an additional US $33.4 million in debt financing to support its expansion. With the money, Solarise Africa will increase its portfolio in Kenya and a few other African nations.
The primary arranger for the transaction was the Facility for Energy Inclusion (FEI), which will provide $21.4 million of the total. Oikocredit ($7 million) and the Lion’s Head managed fund AfricaGoGreen Fund ($5 million) are joining it.
“We are very honoured and grateful for the confidence the investors have shown in us. As the largest debt raise in Africa’s C&I space to date, this proves that Solarise Africa has a solid business model. We are proud to welcome these three prestigious new investors – Lead arranger FEI, Oikocredit, and AfricaGoGreen – to our current group of investors. Throughout 2022, we have significantly grown our footprint and portfolio, and with this new loan, we will be able to catapult our efforts to advance renewable energy adoption in Africa,” said Valk.
