Grid Africa Secures R50 Million Equity Investme...

Grid Africa Secures R50 Million Equity Investment from Rifuwo Energy Partners

Grid Africa secures $2.8M investment from Rifuwo Energy Partners — **Grid Africa CEO Norman Moyo**

Zim Now Reporter

Grid Africa has announced a substantial equity investment of R50 million from Rifuwo Energy Partners, a move expected to propel renewable energy projects across South Africa.

“Grid Africa aligns with our mission to drive a just transition towards a more sustainable future. We are excited to partner with an experienced and entrepreneurial team who have a proven track record in developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Ivory Coast,” said CEO of Rifuwo Energy Partners Hope Tshepo Segone.

This funding comes at a crucial time, as the country faces a significant rise in energy costs, largely influenced by Eskom's recent application for a 36% increase in electricity tariffs to the National Energy Regulator of South Africa.

This proposed hike is anticipated to hit business customers particularly hard.

In response to these challenges, Grid Africa is focusing on solar energy solutions designed to help mitigate the increasing costs.

Grid Africa CEO Norman Moyo emphasized the unique opportunity presented by the current energy crisis, stating, “The recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices.”

He highlighted the decreasing costs of solar technology and lithium batteries as key factors in enhancing energy efficiencies

Additionally, Grid Africa has recently expanded its operations into Zambia, which is currently experiencing severe load shedding issues, highlighting commitment to providing reliable energy solutions throughout the region, addressing energy insecurity where it is needed most.