News / Local
Grid Africa secures R50 million Equity Investment from Rifuwo
16 Oct 2024 at 15:42hrs | Views
Grid Africa has announced a major milestone with the successful acquisition of a R50 million equity investment from Rifuwo Energy Partners. This funding will significantly boost the company's efforts to develop renewable energy solutions across South Africa, particularly at a time when the nation is grappling with rising energy costs.
The announcement comes as Eskom, South Africa's national power utility, has applied for a 36% tariff increase to the National Energy Regulator of South Africa (NERSA), signaling a sharp rise in energy costs. This increase is expected to hit businesses especially hard, driving up operational expenses.
Norman Moyo, CEO of Grid Africa, highlighted the importance of this investment, stating, "The recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices. With the declining costs of solar technology and lithium batteries, we can further enhance energy efficiencies and enable peak shaving for our clients, helping them avoid high peak charges on the electrical grid."
The focus on renewable energy comes at a crucial time for South African businesses seeking to reduce their reliance on traditional power sources and manage the impact of rising costs. Grid Africa's commitment to developing solar solutions aims to provide businesses with more affordable and sustainable energy alternatives.
Hope Tshepo Segone, CEO of Rifuwo Energy Partners, expressed enthusiasm for the partnership, saying, "Grid Africa aligns with our mission to drive a just transition towards a more sustainable future. We are excited to partner with an experienced and entrepreneurial team with a proven track record in developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Ivory Coast."
In addition to its work in South Africa, Grid Africa has expanded its operations into Zambia, a country facing severe power shortages due to load shedding. This expansion underscores Grid Africa's commitment to providing reliable energy solutions to regions facing significant energy challenges.
With this investment, Grid Africa aims to lead the charge in renewable energy development across Southern Africa, helping businesses thrive despite the evolving energy landscape and rising costs.
The announcement comes as Eskom, South Africa's national power utility, has applied for a 36% tariff increase to the National Energy Regulator of South Africa (NERSA), signaling a sharp rise in energy costs. This increase is expected to hit businesses especially hard, driving up operational expenses.
Norman Moyo, CEO of Grid Africa, highlighted the importance of this investment, stating, "The recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices. With the declining costs of solar technology and lithium batteries, we can further enhance energy efficiencies and enable peak shaving for our clients, helping them avoid high peak charges on the electrical grid."
The focus on renewable energy comes at a crucial time for South African businesses seeking to reduce their reliance on traditional power sources and manage the impact of rising costs. Grid Africa's commitment to developing solar solutions aims to provide businesses with more affordable and sustainable energy alternatives.
Hope Tshepo Segone, CEO of Rifuwo Energy Partners, expressed enthusiasm for the partnership, saying, "Grid Africa aligns with our mission to drive a just transition towards a more sustainable future. We are excited to partner with an experienced and entrepreneurial team with a proven track record in developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Ivory Coast."
In addition to its work in South Africa, Grid Africa has expanded its operations into Zambia, a country facing severe power shortages due to load shedding. This expansion underscores Grid Africa's commitment to providing reliable energy solutions to regions facing significant energy challenges.
With this investment, Grid Africa aims to lead the charge in renewable energy development across Southern Africa, helping businesses thrive despite the evolving energy landscape and rising costs.
Source - byo24news
