Zürich-based investment firm responsAbility Investments has announced a funding of $10 million for Jaguar New Energies (JNE), a sub-Saharan Africa-focussed renewable energy developer. The financial package is aimed at financing a portfolio of solar energy installations for commercial and industrial (C&I) off-takers in South Africa.
JNE finances and develops solar PV plants for C&I customers. The company is developing its portfolio of solar projects in South Africa in partnership with the Cape Town-based solar energy solutions provider New South Energy (NSE). The recent financing by responsibility consists of a senior and a junior debt facility.
The national power grid operator Eskom continues to face severe problems in providing South African businesses with reliable and sustainable electricity. The solar energy projects developed by the JNE and NSE demonstrate a sustainable model to secure cost-efficient and more reliable electricity needed for operating business operations.
Paulo Bello, Managing Director ForestEffect Fund (a shareholder of JNE), said, the resposAbility’s funding will provide the needed support to build over 20 MW of renewable energy capacity to different C&I off-takers. The funding enables JNE to expand its portfolio of solar energy projects in South Africa.
According to Peter Page, Investment Officer at responsAbility, the recent collaboration with JNE has facilitated the scaling of its business in providing a cost-effective and reliable power to companies in South Africa. The transaction is in line with the company’s commitment and expertise in providing climate finance to renewable energy projects across the country.
David Masureik, CEO of New Southern Energy, said, their collaboration with JNE is contributing to the uptake of the Power Purchase Agreement (PPA) business model for C&I customers in South Africa. The solar energy developer has been at the forefront of the country’s just energy transition.
South Africa’s new energy regulations that raised the generation license threshold from 1 MW to 100 MW, have enabled JNE customers across the country to generate an average of 30% of the required energy from their own solar resources. The government amendment has allowed the C&I solar sector to flourish.
 to finance a portfolio of solar energy installations for commercial and industrial off-takers in South Africa. The JNE and New Southern Energy partnership provide a sustainable model to secure cost-efficient and more reliable electricity needed for operating business operations. The investment enables JNE to expand its portfolio of solar energy projects in South Africa and contributes to the uptake of the Power Purchase Agreement (PPA) business model for C&I customers in the country.){kind=link}