Energy startup Wetility raised $27.8 M funding to solar power thousands of homes

In order to help provide clean, dependable, and affordable solar energy to more than one million homes and businesses nationwide, South African solar-as-a-service provider Wetility has partnered with Jaltech, a top funder of solar energy projects, to secure a ZAR500 million (US$27.8 million) structured capital partnership.

Wetility, the fastest-growing solar-as-a-service provider in South Africa, was founded in 2021 and offers creative all-in-one solar subscription bundles to businesses and homeowners. Customers can lower their energy costs, take charge of their electricity needs, and help create a more sustainable future with Wetility.

With more than 1,300 retail investments and over ZAR2 billion (US$111 million) under management, Jaltech is an alternative investment fund manager. Jaltech’s investment in Wetility will be used to finance solar and battery systems, allowing Wetility to avoid more than 250,000 metric tons of CO₂ emissions and contribute more than 16 MW of solar capacity to the country’s distributed energy footprint.

“This funding unlocks the next phase of our growth, empowering thousands of homeowners and SMEs who want more predictability, control, and savings in the face of a volatile energy landscape. It’s a strong endorsement of our model and mission, and we’re proud to partner with Jaltech, which shares our long-term vision. Together, we’re driving scalable, inclusive access to clean energy, one roof at a time,” said Dawid Swart, Wetility’s CFO.

A customized combination of senior and equity capital makes up the ZAR500 million funding structure, which is designed to accommodate Wetility’s quickly expanding business. Wetility was recognized as a high-impact company with significant potential to transform South Africa’s residential and SME energy landscape by Jaltech, a company renowned for creating private market investment opportunities in industries underserved by traditional financiers and typically inaccessible to private investors.

“Over the years, Jaltech has assisted Wetility with portions of its growth plans, but we are now ready to stand firmly behind them and back their mission to deliver reliable energy to thousands of homes,” said Derrick Hyde, co-founder and partner at Jaltech.