Kenya-based clean energy and energy efficiency leasing company Solarise has raised a US$10 million Series B funding round to scale further across the continent.
Founded by Patrik Huber, Jan Albert Valk and Sakkie van Wijk, Solarise Africa is an energy leasing company for solar and other energy assets focusing on commercial and industrial clients (C&I).
The company, which provides smart financing via a selected group of partners, completed its Series A round last year, and has now raised a Series B to help it further scale. The cash comes from existing investors Energy Access Ventures (EAV) and the European Union-funded ElectriFI, as well as Proparco, a subsidiary of the French Development Agency (AFD).
Solarise will use the funding to further develop its operations on the continent. Already active in Kenya, South Africa and Rwanda, where it finances and installs solar photovoltaic systems for commercial and industrial companies, its ambition is to conquer the whole of East Africa and expand into West Africa.
“We believe Solarise is in an excellent position to realise its ambitious plans, targeting more than 150 MW of solar assets, which corresponds to reaching more than 100,000 indirect connections over the next 5 years. This is a very significant contribution to the electrification efforts in Sub-Saharan Africa,” said Dominiek Deconinck, managing director of ElectriFI.