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Private sector accelerating energy access in Africa

Global solar developer Renewvia Energy has secured $10 million from private equity firm Claritas Capital to accelerate company growth in the US and Africa.

The Nashville based firm’s partnership with Renewvia Energy Corporation aggressively advances the solar developer’s ability to deliver reliable, affordable, clean energy.

Trey Jarrad, Renewvia Energy CEO, said: “Solar uptake is dramatically increasing given climate change demands, power diversification strategies and social impact opportunities all converging with strong solar economics. This investment will quickly propel Renewvia into a leading position in the US and abroad.”

John Chadwick, Claritas founder and partner, commented: “It is an incredible time to be part of the renewable story and Renewvia’s successful track record on a global scale has proven they can deliver reliable, clean power and create value while improving lives.”

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This particular investment will enable Renewvia to meet the increasing demand for end-to-end commercial distributed solar services from its growing customer base across Africa.

It designs, installs, owns and operates commercial and community solar power systems across three continents and provides a complete range of solar energy solutions including turnkey solar installation, integrated financing and solar consulting services.

Since its inception in 2002, Claritas Capital has invested in over 72 companies that collectively have raised over $6 billion in financing.

In Africa, Renewvia Energy acts as a minigrid utility and commercial solar developer, often the first reliable, affordable, clean energy source for individuals and small businesses in multiple countries on the continent.

In Kenya and Nigeria, its existing portfolio and growing project pipeline of minigrids serve more than 350,000 individuals in remote off-grid areas, offsetting 2,800 tonnes of carbon and creating construction and full-time jobs.

Theresa Smith
Theresa Smith is a Content Specialist for ESI Africa.