Italy based impact investor Green Climate Ventures (GCV) has acquired German solar mini-grid developer Africa GreenTec AG (AGT AG) and merged its group company Nexus Energy also operating in the mini-grid segment with projects in Haiti, Liberia and other African nations.
As one entity, the merger will allow AGT AG target to supply 3 million people with clean energy, water and cold chains. "Our pipeline is simply amazing with hundreds of concessions obtained in sub-Saharan Africa, an immense potential for delivering a positive impact," said Nexus Energy and Green Climate Ventures Founder and CEO Claudio Pedretti.
AGT AG develops and supplies mobile scalable solar containers for power supply in rural Africa. It holds an operational portfolio of 21 multipatented 'made in Germany' technology mini-grids in Sahel region with another 3 plants under construction and a secured pipeline of 100s of sites in development and claims of ongoing expansion in 7 African nations. Over the years it aims to bring together its electricity, water, internet and cooling services under a micro utility model to remote communities.
The merger of the 2 mini-grid companies has now fully dissolved Nexus Energy into AGT holdings and made Green Climate Ventures an important shareholder of AGT AG holdings. Claudio Pedretti will become the Advisory Board Member of AGT AG. Financials of the deal were not disclosed.
Last year, GCV divested its equity stake in commercial and industrial clean energy system integrator Windkinetic to focus on investments in the sustainable business in emerging markets. It said the company is now actively seeking social impact ventures with innovative business models and technologies.