- R635m mezzanine investment enables SolarAfrica to acquire full ownership of CESA.
- Transaction backed by Greenpoint Capital with assets spanning solar PV and battery storage.
- SolarAfrica portfolio reaches 343 MW funded capacity with 1.14 GW in rollout.
Vantage Capital has announced a R635m investment into Commercial Energy South Africa (CESA), a subsidiary of SolarAfrica Energy, alongside co-investor Greenpoint Capital.
CESA holds commercial and industrial solar and battery energy assets developed by SolarAfrica. The investment comprises a mezzanine facility that was used to facilitate the exit of Inspired Evolution from CESA, resulting in SolarAfrica becoming the 100% owner of the platform.
Founded in 2011 and headquartered in Pretoria, SolarAfrica delivers solar PV, battery storage, energy trading, electricity wheeling and gas to power solutions tailored to commercial and industrial clients. The company focuses on helping businesses reduce electricity costs, secure reliable supply and lower carbon emissions amid ongoing grid constraints in South Africa.
SolarAfrica has delivered approximately 343 MW of funded solar projects across Southern Africa and is currently rolling out a further 1.14 GW of capacity.
CESA operates as a holding company for commercial and industrial rooftop solar and battery storage assets developed by SolarAfrica, with all assets managed by the parent company.
Step Advisory acted as deal advisor to SolarAfrica. Werksmans served as legal counsel to Vantage Capital. Other advisors on the transaction included Cresco, Ernst and Young, Webber Wentzel and SLR Consulting.
Author: Bryan Groenendaal
