Grid Africa, the South African solar energy solution firm, has secured a significant equity investment of $2.8 million from Rifuwo Energy Partners. This funding will be used to advance renewable energy projects across South Africa at a crucial time as the nation braces for rising energy costs.
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 impact business customers particularly. In light of this development, Grid Africa is committed to developing solar energy solutions to mitigate 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.
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.
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