Renewables
Investors back GRIPS Energy for African solar expansion
Fortis Green Renewables and Zeitinger Invest have backed GRIPS Energy to expand commercial solar and storage across Sub-Saharan Africa.
Key points
- Fortis Green Renewables Investment Management and Zeitinger Invest GmbH provided equity funding.
- GRIPS plans to build a portfolio exceeding 100 MW of solar and battery assets by 2030.
- Acquisitions are planned in Senegal, Botswana, Zambia and Uganda.
Growth capital secured
Fortis Green Renewables Investment Management and Zeitinger Invest GmbH have injected growth equity into GRIPS Energy Group, according to SolarQuarter reporting. The funding aims to drive the rollout of commercial and industrial solar photovoltaic and battery storage systems throughout Sub-Saharan Africa.
Dealroom noted that GRIPS acts as a developer, owner, and operator of decentralised clean energy infrastructure tailored for business clients.
Portfolio expansion plans
According to SolarQuarter, the fresh capital will facilitate the purchase of existing renewable assets across Senegal, Botswana, Zambia and Uganda. Furthermore, the company intends to scale its total operational capacity past 100 MW by the end of the decade.
Executives from both investing firms pointed to rising corporate demand for reliable power amid grid constraints and escalating utility tariffs. GRIPS leadership stated that the partnership supplies both capital and strategic insight to accelerate clean energy deployment across the continent.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
27.8% of electricity in the world was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
