SolarAfrica has received a $15 million investment from Mirova to expand access to renewable energy across Africa. Following its merger with Starsight Energy, SolarAfrica aims to further strengthen its position and broaden its reach in Southern, East, and West Africa.
SolarAfrica and Starsight Energy Merger
Sustainable investment manager Mirova has made a significant investment in clean energy for Africa. The company has injected $15 million (€13.4 million) into SolarAfrica. This funding will help increase access to renewable energy across the continent, focusing on commercial and industrial sectors.
Solar power industrial sectors
SolarAfrica — a leading provider of solar energy solutions in Africa — is on a mission to expand clean energy access, and this new investment brings them closer to their goal. The solar firm recently merged with Starsight Energy, further solidifying its position as one of the leading solar providers in Africa.
This merger combines the strengths of both companies, extending their reach to Southern, East, and West Africa. By merging, SolarAfrica aims to scale its renewable energy projects, making solar power more accessible to businesses across the continent.
Mirova's Investment Strategy
The new funding will go toward the construction of SolarAfrica’s project pipeline. These projects aim to provide affordable and reliable energy solutions, boosting access to renewable energy for businesses that need it most.
Charl Alheit, Chief Investment Officer at SolarAfrica, emphasized the importance of the partnership with Mirova. "This investment marks the start of a partnership that embodies both companies' commitment to promoting growth in the local renewable energy market while making long-term sustainability a reality for more businesses," Alheit said.
The investment aligns with Mirova’s broader strategy of using blended finance to support energy transition projects in emerging markets. By investing in SolarAfrica, Mirova is contributing to the global push for sustainable energy — particularly in regions where reliable and affordable energy is still a challenge.
Rim Azirar, Deputy Head of Investments at Mirova, highlighted how this move supports Mirova's focus on emerging markets. "This investment is perfectly in line with our strategy dedicated to energy transition in emerging markets, using blended finance to help increase access to reliable and affordable energy in Africa," Azirar said.
Key Fund Secures €10 Million for Social Impact Fund
In the UK, social investment firm Key Fund has successfully secured £8.5 million (€10.1 million) for its Northern Impact Fund 2. This fund will provide much-needed financial support to social and community enterprises in the North of England and the Midlands.
Founded 25 years ago to help mitigate the collapse of the coal and steel industries in Northern England, Key Fund has invested £76.6 million in over 3,100 organizations. This has resulted in the creation of 4,433 jobs and an impact worth £483 million.
The new funding round, which included contributions from investors such as the Mercer Charitable Foundation, Better Society Capital, and the Joseph Rowntree Trust, will provide flexible loans and grants ranging from £5,000 to £300,000.
King’s College London Launches Impact Fund
In another notable development, King’s College London has launched its One King’s Impact Fund. This fund has already awarded £440,000 in its first round of funding, supporting nine projects aimed at addressing global issues. These projects span various sectors, from digital therapy for mental health to climate-positive farming initiatives in Ghana and Benin.
The One King’s Impact Fund will distribute £1 million over the next two years, with the aim of creating transformative partnerships in areas such as sustainability, equality, peace, and technology. This fund reflects the college’s commitment to impact-driven education and research, with the goal of bringing about positive change by 2026.
Professor ‘Funmi Olonisakin, Vice President of International, Engagement, and Service at King’s College, stressed the fund's importance. "The purpose of the fund is to maximize and unlock even more interdisciplinary impact-focused work, as well as the sharing of best practice," she said.
The recent investments in SolarAfrica, Key Fund, and the One King’s Impact Fund show a growing focus on sustainability and social impact. SolarAfrica’s partnership with Mirova will help expand renewable energy access across Africa, thereby making a significant contribution to the continent's energy needs.