SolarAfrica has secured a $15 million investment from Mirova to expand renewable energy access across Africa. Following its merger with Starsight Energy, the company 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 injected $15 million (€13.4 million) into SolarAfrica, a significant investment aimed at boosting clean energy for Africa. This funding will increase access to renewable energy across the continent, with a focus on the commercial and industrial sectors.
Solar power industrial sectors
As a leading provider of solar energy solutions in Africa, SolarAfrica is working to expand clean energy access—a goal now closer thanks to this new investment. The solar firm also recently merged with Starsight Energy, solidifying its position as one of the continent’s top providers.
The merger combines the strengths of both companies, extending their reach across Southern, East, and West Africa. This strategic move allows SolarAfrica to scale its renewable energy projects and make solar power more accessible to businesses throughout the continent.
Mirova’s Investment Strategy
The new funding is earmarked for constructing SolarAfrica’s project pipeline. These projects are designed to provide affordable and reliable energy solutions, boosting renewable energy access for businesses that need it most.
Charl Alheit, Chief Investment Officer at SolarAfrica, highlighted the partnership’s importance: “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.”
The investment aligns with Mirova’s broader strategy of using blended finance to support energy transition projects in emerging markets. By investing in SolarAfrica, Mirova contributes to the global push for sustainable energy—particularly in regions where reliable and affordable power is still a challenge.
Rim Azirar, Deputy Head of Investments at Mirova, noted the investment aligns with the company’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,” she said.
Key Fund Secures €10 Million for Social Impact Fund
In the UK, social investment firm Key Fund has secured £8.5 million (€10.1 million) for its Northern Impact Fund 2. This fund will provide vital financial support to social and community enterprises in 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 since invested £76.6 million in over 3,100 organizations, creating 4,433 jobs and generating an impact worth £483 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 £5,000 to £300,000.
King’s College London Launches Impact Fund
King’s College London has launched its One King’s Impact Fund. The fund has already awarded £440,000 in its first round, supporting 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 King’s Impact Fund will distribute £1 million over the next two years to create transformative partnerships in areas such as sustainability, equality, peace, and technology. This initiative reflects the college’s commitment to impact-driven education and research, aiming to bring about positive change by 2026.
Professor ‘Funmi Olonisakin, Vice President of International, Engagement, and Service at King’s 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.”
The recent investments in SolarAfrica, Key Fund, and the One King’s Impact Fund highlight a growing focus on sustainability and social impact. SolarAfrica’s partnership with Mirova will expand renewable energy access across Africa and make a significant contribution to the continent’s energy needs.