Vantage Capital has led a R635 million investment into Commercial Energy South Africa (CESA), a subsidiary of SolarAfrica Energy, alongside co-investor Greenpoint Capital. The investment marks a significant development in South Africa’s commercial and industrial renewable energy sector.
The funding was structured as a mezzanine facility and was used to facilitate the exit of Inspired Evolution from CESA. Following the transaction, SolarAfrica has become the 100% owner of CESA. The deal strengthens SolarAfrica’s control over its commercial and industrial solar and battery energy portfolio and is expected to support further expansion of its distributed energy platform.
Founded in 2011 and headquartered in Pretoria, SolarAfrica provides solar photovoltaic systems, battery storage, energy trading, electricity wheeling, and gas-to-power solutions to commercial and industrial clients. The company focuses on helping businesses reduce electricity costs, improve power reliability, and lower carbon emissions. Over the years, SolarAfrica has built a strong track record in Southern Africa. It has delivered around 343 MW of funded solar projects, with an additional 1.14 GW currently under rollout.
SolarAfrica has also received industry recognition for its performance. It was named African Solar Company of the Year in 2021 and 2023 by the Africa Solar Industry Association, reflecting its growing presence in the region’s renewable energy market.
CESA operates as a holding company for commercial and industrial rooftop solar and battery storage assets developed by SolarAfrica. The company currently holds a portfolio with an energy capacity of about 90 MW spread across 134 different sites. All of these assets are managed by SolarAfrica, ensuring operational consistency and centralized oversight.
Roshal Ramdenee, Partner at Vantage Capital, said the transaction highlights the firm’s confidence in distributed energy infrastructure and in SolarAfrica’s operating platform. He noted that CESA’s contracted solar and battery portfolio generates predictable cash flows while supporting South Africa’s transition to more reliable and sustainable power. He added that Vantage looks forward to working closely with SolarAfrica and Greenpoint Capital as the platform continues to grow.
Warren van der Merwe, Managing Partner at Vantage Capital, said the company has previously provided senior debt to renewable energy projects through its GreenX senior debt division. He explained that this deal demonstrates how mezzanine finance can play a role in the rapidly evolving power sector. He also praised the SolarAfrica team for completing the transaction within tight timelines.
Nic van Zyl, Chief Investment Officer at Greenpoint Capital, said the firm has tracked SolarAfrica’s progress for many years and is pleased to support the company through this transaction. He expressed confidence in the quality of the solar asset portfolio and welcomed the collaboration with Vantage Capital.
Charl Alheit, Chief Investment Officer at SolarAfrica, said that partnering with Vantage Capital and Greenpoint Capital enabled the company to execute the buy-out of the portfolio from Inspired Evolution efficiently. He added that full ownership will allow SolarAfrica to expand its renewable energy offerings, including electricity wheeling, and continue making affordable and cleaner power more accessible to commercial and industrial customers.
Step Advisory acted as deal advisor to SolarAfrica, while Werksmans served as legal counsel to Vantage Capital. Other advisors involved in the transaction included Cresco, Ernst and Young, Webber Wentzel, and SLR Consulting.
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