Page 23 - Energize October 2022

NEWS

battery storage, and an additional pipeline exceeding 1 GW. businesses on the continent. This transaction creates a market
• Key credentials include Starsight being the first renewable leader across sub-Saharan Africa’s largest economies, with a
energy company in Nigeria to secure carbon credit long track-record of providing, cleaner and more reliable energy
accreditation, whilst SolarAfrica was named African Solar solutions for its customers, delivered at competitive price levels.
Company of the Year during 2021. We remain excited about the significant growth prospects of the
• The transaction represents a vote of confidence in the Pan- enlarged Starsight platform.”
African renewables sector, with Helios and AIIM increasing The newly formed entity would comprise of 340 staff across
their investment footprint in multiple markets across the multiple jurisdictions and create a combined shareholder group
continent. providing financial capacity to deliver renewable energy services
across Africa.
Alongside the merger, funds managed by AIIM have committed Looking ahead, the two parties believe that their combined
substantial further funding to the South African subsidiary of expertise, along with SolarAfrica’s energy solutions software
the merged entity, to progress the build-out of the contracted platform, which enables its sales teams to customise energy
pipeline in the C&I wheeling market in South Africa, providing proposals and produce accurate savings projections, will not only
energy security and certainty of pricing to large C&I customers. position the group as Africa’s leading provider of green energy
Over and above the global shift towards the reduction solutions to commercial and industrial power users, but will also
of greenhouse gas emissions through decarbonisation, the accelerate Africa’s transition towards a greater renewable energy
demand for cost-effective and reliable power by commercial mix.
and industrial users will continue to grow and open further
opportunities in the renewable energy sector particularly About Starsight Energy
in South Africa, where power supply is expected to remain Starsight Energy was founded in 2015 and is backed by Helios
constrained with a substantial deficit of generation capacity. and AIIM, a member of Old Mutual Alternative Investments.
Tony Carr, Starsight Energy’s Group Chief Executive Officer, It offers reliable and sustainable energy and cooling solutions
explains: “This merger demonstrates our joint commitment – on- and off-grid – to the C&I sectors, with market leading
to expand our footprint across Africa. With SolarAfrica, the operations in East and West Africa with over 656 sites in Nigeria,
new combined group becomes one of the largest commercial Kenya and Ghana. The company was named one of Africa’s
providers of reliable and clean energy solutions to the fastest growing companies in 2022 by the UK’s Financial Times
commercial and industrial sector across the continent.” and is also the first renewable energy company in Nigeria to
“The merger will enable efficiencies across the group, ranging secure carbon credit accreditation, certified by the Verra Verified
from procurement to funding, and further allow for the rollout Carbon Standard (VCS) programme, the world’s most widely used
of our proprietary technology platform across the continent. voluntary greenhouse gas (GHG) certification programme.
These efficiencies will assist the group in providing a unique
and valuable offering, that takes customers on a green energy About SolarAfrica
journey to solve their power struggles and enables a sustainable Founded in 2011, SolarAfrica has built up extensive experience
future for their businesses,” says David McDonald, SolarAfrica in delivering state-of-the-art energy solutions through power
Energy cofounder and Chief Executive Officer. purchase agreements (PPAs) to businesses across Southern
Olusola Lawson, Managing Director and co-Head at AIIM, Africa. It has evolved from a specialist provider of rooftop solar
comments: “The transformational Starsight/SolarAfrica photovoltaic systems to a full-service provider of capex-free,
merger is a strong illustration of value creation in the nascent green energy solutions ranging from solar and battery storage
African commercial and industrial renewable energy space. options through to wheeling and electricity trading to the C&I
As one of Africa’s largest renewable energy equity investors, market.
and with a renewable energy portfolio of about 2 GW, AIIM SolarAfrica has already positioned itself as a competitive
has been privileged to play a key role in the growth and player in the newly enabled power wheeling space, having
expansion of the Starsight platform over the last five years. recently signed up large blue-chip customers. The group
We are delighted to continue to support the business with is now well positioned to service large power users with a
additional funding to expedite the realisation of its substantial lower cost electricity alternative from a recently developed
pipeline, and we look forward to the continued success of the centralised solar generation site, taking advantage of South
combined platform.” Africa’s newly revised regulations permitting wheeling and
Ogbemi Ofuya, Partner at Helios Investment Partners notes: self-generation of up to 100 MW by private generators. In
“This transaction combines the complementary capabilities 2021, SolarAfrica was named the continent’s leading solar
and geographical reach of two leading players in distributed energy firm, scooping the Africa Solar Industry Association’s
energy solutions for businesses and industries across Africa. African Solar Company of the Year award.
Helios has been a part of Starsight’s journey from its inception
and has supported the growth of the business leveraging on our Contact Charl Alheit, Solar Africa, Phone 012 881-4800,
experience in building and scaling market-leading infrastructure info@solarafrica.com, https://solarafrica.com

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