JOHANNESBURG, — Grid Africa has announced a major milestone, securing a $2.6 million equity investment from Rifuwo Energy Partners, a move set to bolster renewable energy projects across South Africa amid escalating energy costs.
By Tina Musonza
The investment is seen as a strategic response to the country’s energy challenges, especially following Eskom’s application for a 36% increase in tariffs to the National Energy Regulator of South Africa (NERSA).
The anticipated hike is expected to impact businesses significantly, making alternative energy solutions more crucial than ever. The funding will be directed toward expanding solar energy initiatives aimed at mitigating rising energy costs.
Norman Moyo, CEO of Grid Africa, emphasised the opportunity presented by the evolving energy market, stating, “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.”
Hope Tshepo Segone, CEO of Rifuwo Energy Partners, expressed confidence in the partnership, noting, “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.”
This strategic investment follows Grid Africa’s recent expansion into Zambia, where the company aims to address ongoing challenges with load shedding. The move underscores the company’s commitment to delivering reliable energy solutions not only in South Africa but also across the broader region.
With the energy landscape in South Africa undergoing significant shifts, this investment positions Grid Africa as a key player in driving sustainable energy solutions, offering businesses a lifeline amid rising costs.
The company’s focus on innovative solar projects could provide much-needed relief as businesses adapt to the new energy realities.
