Swedfund, Sweden’s development finance institution, has made a $10m (€8.6m) commitment to Solar Saver to finance the expansion of its small-scale solar and battery systems for small and medium-sized businesses across Southern Africa.
Solar Saver, which currently operates over 700 installations with a combined capacity of circa 140MW across Southern Africa, will use the capital to expand its systems in South Africa, Namibia, Botswana and Zambia.
Jonas Kolijn, senior investment manager for energy and climate at Swedfund, said: “Access to dependable and affordable energy is essential for private sector growth, job creation and climate resilience.
“Through this investment, we help strengthen energy security and support fossil-free economic growth in one of Africa’s key economic regions.”
Swedfund said the investment is part of a $60m equity round led by Inspired Evolution’s Evolution III Fund alongside Dutch development bank FMO.
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