AFRICA – Renewvia Energy, a global solar developer with operations in the US and Africa, has received US$10 million from Claritas Capital to accelerate its growth across the globe in multiple solar development sectors.
Trey Jarrard, Chief Executive Officer, Renewvia Energy said: “Partnering with Claritas aggressively advances Renewvia’s mission of creating value for our commercial clients and increasing quality of life to more people around the world by delivering the first source of reliable, affordable and clean energy. Solar uptake is dramatically increasing given climate change demands, power diversification strategies, and social impact opportunities all converging with strong solar economics, and this investment will quickly propel Renewvia into a leading position in the US and abroad.”
This raise follows a June 2021 commitment of US$1 million from the SIMA Off-Grid Solar and Financial Access Senior Debt Fund I, B.V. to enable Renewvia to expand energy access on the islands of Ringiti and Ndeda, where it currently owns and operates two solar mini-grids, and to contribute to the development of new solar mini-grids in five communities in Turkana County, Kenya.
Renewvia develops and operates solar mini-grids in the communities of Lomekwi, Nakukulas, Locheremoit, Kagintan, Kori, and Lorengelup by the end of 2021.
These mini-grids will provide clean, reliable and affordable energy to more than 7,500 individuals and multiple small- and medium businesses, laying the foundation for improved livelihoods and economic growth.
On the islands of Ringiti and Ndeda, located in Lake Victoria, financing from SIMA will help expand energy access to an additional 2,200 individuals and small businesses where Renewvia has been providing reliable, affordable and clean energy for the last two years.
Renewvia plans to complete this work by June 2022, ultimately reaching a total of 5,000 people and small businesses on the islands.
Renewvia’s existing portfolio and growing project pipeline of mini-grids will serve over 350,000 individuals and small businesses in remote off-grid areas, offsetting 2800 tons of carbon and creating hundreds of construction and full-time jobs by the year 2024.
In 2020, Renewvia launched Renewvia Energy Africa Holding seeking to raise US$350 million in five years with an aim to install 1,000 off-grid solar power systems over the next five years in Nigeria and Kenya.
This investment will enable Renewvia to meet the increasing demand for end-to-end commercial distributed solar services from its growing customer base across the country.
“Claritas is committed to partnering with leading management teams across themes where there is substantial opportunity for value creation,” said John Chadwick, Founder and Partner at Claritas.
“It is an incredible time to be part of the renewable story and Renewvia’s successful track record on a global scale has proven they can deliver reliable, clean power and create value while improving lives. We look forward to partnering with Renewvia as they rapidly expand their domestic and international renewable development platform.”