- Secures significant equity investment from Rifuwo Energy Partners to accelerate solar energy project development
- Last month partnered with local mining companies to construct a 72 MW solar plant
- Funding to support Grid Africa's solar energy solutions for commercial and industrial clients
- Investment aligns with South Africa's renewable energy targets, aiming to generate 20% of energy from renewable sources by 2030
Harare - Grid Africa, a leading renewable energy developer and independent power producer (IPP), has secured a significant equity investment of R50 million from Rifuwo Energy Partners. This funding will accelerate the development of solar energy projects across South Africa, providing businesses with a vital buffer against escalating energy costs and blackouts.
Grid Africa is a South African-based renewable energy company specializing in the development, construction, and operation of solar and hybrid energy projects. With a focus on commercial and industrial clients, Grid Africa provides tailored energy solutions designed to reduce energy costs, enhance energy security, and promote sustainability.
Last month, Grid Africa partnered with local Zimbabwean mining companies to construct a 72 MW solar plant, an initiative projected to save up to US$9.2 million annually and decrease energy imports.
The investment comes at a critical time, as Eskom's latest application for a 36% tariff increase threatens to substantially hike energy costs, particularly for business customers.
South Africa's renewable energy sector has made significant strides, with solar power contributing approximately 5% to the country's energy mix.
Norman Moyo, CEO of Grid Africa, emphasized, "The current energy security landscape presents a unique opportunity for businesses to adopt solar energy, shielding themselves from increasing prices."
Hope Tshepo Segone, CEO of Rifuwo Energy Partners, highlighted Grid Africa's alignment with their mission to drive a sustainable future.
"We're excited to partner with an experienced team that has successfully developed and maintained hybrid projects in challenging environments."
Other notable Independent Power Producers (IPPs) in South Africa are also making significant contributions to the renewable energy landscape.
BTE Renewables has developed the 100MW Kathu Solar Park and the 27.5MW Klipheuwel Wind Farm and ACWA Power operates the 50MW Bokpoort Concentrated Solar Power (CSP) project, while Enel Green Power has developed the 88MW Nojoli Wind Farm.
Mainstream Renewable Power has developed the 138MW Jeffreys Bay Wind Farm.
South Africa has set ambitious renewable energy targets, aiming to generate 20% of its energy from renewable sources by 2030.
The South African Photovoltaic Industry Association (SAPVIA) estimates that solar energy can provide up to 20% of the country's energy needs.
Grid Africa's solar energy solutions will help bridge this gap, ensuring businesses remain competitive amidst rising energy costs.
Grid Africa's commitment to sustainability aligns with South Africa's Integrated Resource Plan (IRP), which aims to increase renewable energy capacity to 17.8GW by 2030.
Equity Axis News
