Grid Africa Secures R50 Mn Investment From Rifuwo Energy

By Chitrika Grover/ Updated On Thu, Oct 17th, 2024

Grid Africa Secures R50 Mn Via Investment From Rifuwo Energy Partners

Grid Africa, a solar energy solutions company recently secured an equity investment of R50 million from Rifuwo Energy Partners. This funding can help to advance renewable energy projects across South Africa to brace itself from rise in energy costs and can help to support Africa advance its renewable energy projects.

The recent application by Eskom for a staggering 36% increase in tariffs to NERSA signals a substantial hike in overall energy costs, which is expected to particularly impact business customers. In light of this development, Grid Africa is committed to developing solar energy solutions aimed at mitigating these rising costs.

Norman Moyo, CEO of Grid Africa, stated, “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.

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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.”

Furthermore, Grid Africa has recently expanded its operations into Zambia, a market currently facing significant challenges with load shedding. This expansion underscores Grid Africa’s commitment to providing reliable energy solutions across the region.

Grid Africa remains aims to lead the charge in renewable energy development, ensuring that businesses can thrive despite the shifting energy landscape in South Africa.