South African solar electricity company, WiSolar, has revealed plans to raise a total of R45 million ($2.9 million) through its first-ever funding round, which will be completed in Q1 2022.
The financing will be raised in the form of debt and mezzanine financing from “international funders,” according to Moneyweb.
The move comes nearly three years after the company proposed to raise $40 million in debt and equity financing from institutional investors to accelerate the roll-out of prepaid solar electricity in South Africa and Nigeria.
WiSolar is a South African clean energy solutions startup founded by South Africa-based Nigerian businessman Tonye Irims in 2016.
Initially, WiSolar was a manufacturer of inverters. However, in 2019, it transitioned its operations into a solar electricity company in line with its commitment to deepen the adoption and use of clean and sustainable energy in residential and commercial centers.
So far, the startup has installed more than a nine-megawatt capacity, which is sufficient to power 3,000 homes.
The round, which will be made open to institutional investors, represents a strategic move that will see the startup reposition itself as an innovative energy solutions provider, as it prepares for a growth in renewable and sustainable energy product sales to homeowners and developers.
Irims is also the first Nigerian in South Africa to open up a business for franchising. The Johannesburg-based businessman explained that the decision unlocked new value chains across Africa, as it ushered in clean electric mobility.
