Energy-as-a-service company Solarise Africa has secured R160 million through a funding partnership with Mergence Investment Managers to deploy commercial and industrial (C&I)-scale renewable energy solutions across South Africa.

“Despite a recent decline in residential solar uptake in 2024, largely due to a reduction in load shedding, the C&I solar market in South Africa continues to thrive. Businesses continue to invest in renewable energy solutions not only to safeguard against an unreliable grid but also to lower electricity costs and demonstrate commitment to sustainability and climate action,” said Jan Albert Valk, Co-Founder and CEO of Solarise Africa.

The funds will enhance the company’s industry profile and impact on renewable energy adoption by accelerating its growth to reach more businesses in need of reliable, clean energy solutions, said Valk. “It is a testament to the growing confidence in renewable energy in South Africa and our role in this transformative journey.”

PSG Capital, supported by Viruni Capital Partners, advised on the acquisition of the funds.