US based private equity firm Claritas Capital has announced a $10 million commitment to a partnership with solar project developer Renewvia Energy Corporation. The proceeds will be deployed by Renewvia to expand its business in the US and Africa.
In the US, Renewvia said it will use the capital for end-to-end commercial distributed solar services for which the demand is increasing. On the other hand, in Sub-Saharan Africa where the company is present as a mini-grid utility and commercial solar developer, it will expand further.
The company claims its current portfolio and growing project pipeline of minigrids will serve more than 350,000 individuals and small businesses in remote off grid areas of Africa by 2024, while also creating 'hundreds' of construction and full time jobs. It will also contribute to lowering of carbon emissions here.
Renewvia said it will also use some of the capital for its corporate growth.
Recently, the solar developer was announced as one of the 2 winners of IFC/AECF Kakuma Kalobeyei Challenge Fund in Kenya for using solar power to uplift lives of refugees and host communities in Kenya (see Solar Companies Win IFC Competition In Kenya).