Renewable energy company Grid Africa has secured a 50 million South African rand (US$2.8 million) equity investment from Rifuwo Energy Partners.
Grid Africa said the funding will be pivotal in advancing renewable energy projects across South Africa at a crucial time when the nation is bracing for a rise in energy costs.
This follows news last month that national power utility, Eskom, plans to increase electricity tariffs for direct Eskom customers by 36.15% in April 2025.
Grid Africa said this signals a substantial hike in overall energy costs, which is expected to particularly impact business customers in South 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,” Norman Moyo, CEO of Grid Africa, said in a statement.
“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 added.
Norman Moyo, CEO of Grid Africa. (Source: Grid Africa)
Growing sustainable energy solutions across Africa
Hope Tshepo Segone, CEO of Rifuwo Energy Partners, said the investment in Grid Africa aligns with the company’s mission “to drive a just transition towards a more sustainable future.”
Rifuwo Energy Partners is a black-owned, controlled and managed Independent Power Producer (IPP) specializing in investments in renewable and clean energy projects.
Segone believes that Grid Africa has a proven track record of developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Côte d’Ivoire.
Grid Africa offers integrated solutions which combine solar energy, battery storage and generators to ensure seamless transitions between power sources and continuous power availability.
The company’s website lists its solar power projects including for the mining sector in Zimbabwe, data center projects in Kenya and commercial projects in South Africa.
Grid Africa recently expanded its operations into Zambia, a market currently facing significant challenges with power cuts.
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Source link : https://www.connectingafrica.com/investment/grid-africa-secures-2-8m-investment-from-rifuwo-energy-partners
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Publish date : 2024-10-15 17:42:09
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