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ENERGY

Pan-Africa energy leasing firm Solarise raises series A funding

Solarise

It aims to provide smart financing by collaborating with partners in solar and other energy technologies

Kenya-based Solarise Africa has held a second closing of its Series A funding to boost renewable energy-related activities across the continent, according to a local media report.  

Solarise is a pan-Africa leasing company for solar PV and other energy assets with a focus on commercial and industrial clients. Solarise largely aims to provide smart financing by collaborating with partners in solar and other energy technologies. 

Dominiek Deconinck, manager at ElectriFI, said, “By removing the financing hurdle, Solarise Africa is helping to bring high-quality, reliable, low-cost, clean energy to Africa’s under-served commercial and industrial sector. We are delighted to embark on this journey with the Solarise Africa team and to support them as they rapidly scale.” 

Recently, Kenya launched Africa’s largest wind farm in an effort to increase electricity generation capacity. Through the project, the country also aims to achieve its 100 percent clean energy goal by 2020. The wind farm is known as Lake Turkana Wind Farm.

President Uhuru Kenyatta during the project’s launch said that Kenya is on its way to become a global leader in renewable energy. The wind farm is expected to generate 310 megawatts of power to the national grid. In addition, it will also boost the country’s energy supply by 13 percent. 

Kenya has made considerable progress in renewable energy in the past years. The Renewables 2018 Global Status report said that the country ranks 9th in the world for its geothermal power generating capacity of up to 700 megawatts. State-owned KenGen produces nearly 80 percent of electricity in the country, of which 65 percent is generated from hydro-power sources.  

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