Swedish-based impact investment platform Trine is collaborating with Solarise Africa, a pan-African energy leasing company, to invest in renewable projects on the continent.
The first debt financing round provided by Trine will finance five solar projects in South Africa and Kenya.
Demand for on-site renewable energy assets is growing rapidly as businesses are faced with rising energy costs and a desire to improve the sustainability of their operations.
Building on-site microgrid assets requires significant capital outlay and building owners and operators have few other options today to take control of their energy.
The new venture, totalling €5m across multiple tranches, is set to advance investments in food security, renewable energy, urban development, and manufacturing and production in South Africa, Kenya, Ghana and Rwanda.
Trine chief executive and co-founder Sam Manaberi said: “We are very excited about this new partnership as we move into the commercial and industrial market.