Solar financing specialist SolarAfrica, together with investment management company Inspired Evolution, signed a R100 million equity investment facility which enables a fund size of up to R500 million to finance solar PV solutions. The new funding joint venture allows SolarAfrica to strengthen its partnership approach by providing competitive financed solutions for their growing EPC and sales partner network.
As first movers in the solar finance industry, SolarAfrica provides funding solutions for residential, commercial and industrial energy users and is well positioned to benefit from the rapid growth evidenced in the South African commercial & industrial market over the past few years and will capitalise on the growing opportunities further afield in select Sub-Saharan African countries.
SolarAfrica’s software platform (Unifii) is an innovative online design and credit technology portal accessed by its solar EPC and sales partners. Unifii automates the process of generating a fully financed solar energy proposal for its certified partner’s customer base. This process removes previous market friction points and unlocks solar energy solutions for property owners, SMME businesses or any commercial energy user interested in electricity savings without any capital requirements.
SolarAfrica CEO, James Irons commented, “We are excited to have Evolution II as our funding partner in this growing specialised market. Inspired Evolution’s expertise, track record, strong network and investor base adds significant value, allowing us to expand our Unifii platform with more aggressive acquisitions of rooftop solar PV projects, as well as launch in other maturing markets.”
Christopher Clarke, Managing Partner at Inspired Evolution said, “We have been evaluating the C&I market over the last three to four years and concluded on the merits of establishing an affordable, credit-worthy financing platform as the optimal point of entry for our Evolution II Fund. This way, we offer an independent financing portal that crowds-in system integrators and EPC contractors that can secure long-term finance for their projects to benefit underlying private business customers”.
With partnerships being the foundation of the company’s business, the new joint venture is testament to SolarAfrica’s continued commitment to innovation in the financed solar sector, further enabling its partners in the solar energy eco-system. SolarAfrica aims to be the leading solar energy enabler and financing partner to installers and EPC contractors in the solar industry.