SolarAfrica has secured a $15 million investment from Mirova to expand access to renewable energy across Africa. In the wake of its merger with Starsight Energy, SolarAfrica is poised to strengthen its position and broaden its reach throughout Southern, East, and West Africa.
SolarAfrica and Starsight Energy Merger
Sustainable investment manager Mirova has made a significant investment in Africa’s clean energy sector, injecting $15 million (โฌ13.4 million) into SolarAfrica. The funding is earmarked to increase access to renewable energy across the continent, with a particular focus on the commercial and industrial sectors.
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As a leading provider of solar energy solutions in Africa, SolarAfrica is dedicated to expanding clean energy access. This new investment marks a key step toward that goal. The firmโs recent merger with Starsight Energy further solidifies its position as one of the continentโs top solar providers.
The merger combines the strengths of both companies, extending their collective reach across Southern, East, and West Africa and allowing SolarAfrica to scale its renewable energy projects. As a result, solar power will become more accessible to businesses throughout the continent.
Mirova’s Investment Strategy
The new funding will be used to build out SolarAfricaโs project pipeline. These projects are designed to provide affordable and reliable energy solutions, boosting access to renewables for the businesses that need them most.
Charl Alheit, Chief Investment Officer at SolarAfrica, emphasized the importance of the partnership with Mirova. “This investment marks the start of a partnership that embodies both companies’ commitment to promoting growth in the local renewable energy market while making long-term sustainability a reality for more businesses,” Alheit said.
The investment aligns with Mirovaโs broader strategy of using blended finance to support energy transition projects in emerging markets. By investing in SolarAfrica, Mirova is contributing to the global push for sustainable energyโparticularly in regions where reliable, affordable power is still a challenge.
Rim Azirar, Deputy Head of Investments at Mirova, highlighted how this move supports Mirova’s focus on emerging markets. “This investment is perfectly in line with our strategy dedicated to energy transition in emerging markets, using blended finance to help increase access to reliable and affordable energy in Africa,” Azirar said.
Key Fund Secures โฌ10 Million for Social Impact Fund
In the UK, social investment firm Key Fund has secured ยฃ8.5 million (โฌ10.1 million) for its Northern Impact Fund 2. This fund will provide vital financial support to social and community enterprises across the North of England and the Midlands.
Founded 25 years ago to help mitigate the collapse of the coal and steel industries in Northern England, Key Fund has invested ยฃ76.6 million in over 3,100 organizations. This support has helped create 4,433 jobs and generate an economic impact worth ยฃ483 million.
The new funding round, which included contributions from investors such as the Mercer Charitable Foundation, Better Society Capital, and the Joseph Rowntree Trust, will provide flexible loans and grants ranging from ยฃ5,000 to ยฃ300,000.
Kingโs College London Launches Impact Fund
In another notable development, Kingโs College London has launched its One Kingโs Impact Fund. The fund has already awarded ยฃ440,000 in its first round of funding to support nine projects aimed at addressing global issues. These projects span various sectors, from digital therapy for mental health to climate-positive farming initiatives in Ghana and Benin.
The One Kingโs Impact Fund will distribute ยฃ1 million over the next two years, creating transformative partnerships in areas such as sustainability, equality, peace, and technology. This fund reflects the collegeโs commitment to impact-driven education and research, working to bring about positive change by 2026.
Professor โFunmi Olonisakin, Vice President of International, Engagement, and Service at Kingโs College, stressed the fund’s importance. “The purpose of the fund is to maximize and unlock even more interdisciplinary impact-focused work, as well as the sharing of best practice,” she said.
These recent investments in SolarAfrica, Key Fund, and the One Kingโs Impact Fund highlight a growing focus on sustainability and social impact. In particular, SolarAfricaโs partnership with Mirova is set to expand renewable energy access across Africa, making a significant contribution to the continent’s energy needs.