Mirova Secures Initial South African Investment with Leading Renewable Energy Enabler SolarAfrica

Mirova has secured a USD 15 million investment in long-term debt financing for SolarAfrica, a leading renewable energy developer and Independent Power Producer based in Centurion, South Africa. This senior secured facility marks Gigaton’s first investment in South Africa and the fifth investment under the strategy.

Founded in 2011, SolarAfrica has established itself as South Africa’s leading renewable energy enabler, offering innovative solutions that reduce electricity costs, enhance energy security, and improve carbon footprints for businesses. Originally focusing on Power Purchase Agreements (PPAs), the company has expanded its offerings to include on-site solar, battery solutions, and virtual solutions such as wheeling and electricity trading. Over the past decade, SolarAfrica has financed and delivered over 204 projects, collectively saving more than 295,000 tonnes of CO2 emissions. In 2023, the company further solidified its position by merging with Starsight Energy, creating a clean energy powerhouse across Eastern, Southern, and Western Africa.

The USD 15 million investment from Mirova’s Gigaton strategy is intended to support SolarAfrica’s ongoing commercial and industrial (C&I) activities and to expand its utility-scale projects. This partnership reflects both companies’ commitment to advancing the local renewable energy market and promoting long-term sustainability for businesses in the region.

Charl Alheit, Chief Investment Officer at SolarAfrica, expressed enthusiasm about the partnership, emphasizing its role in supporting the company’s vision of becoming the leading renewable energy provider in South Africa.

Rim Azirar, Deputy Head of Investments at Mirova, highlighted the importance of the investment in aligning with their strategy of accelerating energy transition in emerging markets. “We are very excited to enter the South African market and support SolarAfrica in its ongoing development,” Azirar said. “This investment is perfectly in line with our mission to increase access to reliable and affordable energy in Africa.