Energy firm Grid Africa has secured equity investment of R50 million (approximately US$3 million) from South Africa’s Rifuwo Energy Partners to extend project rollout in the region.
The investment comes as power costs soar in South Africa, where utility Eskom has applied for a sharp 36% tariff hike. Elsewhere in the region, power shortages are hitting businesses in Zimbabwe and Zambia. This has driven demand for alternative energy, according to Norman Moyo, CEO of Grid Africa.
“The recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices. With decreasing costs in solar technology and lithium batteries, we can further enhance energy efficiencies and enable peak shaving for our clients, where they can avoid peak charges on the electrical grid,” Moyo says.
Hope Tshepo Segone, CEO of Rifuwo Energy Partners, commented on the investment, saying: “Grid Africa aligns with our mission to drive a just transition towards a more sustainable future. We are excited to partner with an experienced and entrepreneurial team who have a proven track record in developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Ivory Coast.”
In addition to this investment, Grid Africa has recently expanded its operations into Zambia, which is facing up to 21 hours of loadshedding each day.
This expansion underscores Grid Africa’s commitment to delivering reliable and innovative energy solutions across Southern Africa, the company says.
