Altvest Credit Opportunities Fund fuels South Africa’s solar revolution with Solana Energy partnership

*This content is brought to you by Altvest

South Africa’s energy crisis isn’t just an inconvenience; it’s a stranglehold. In 2022, darkness reigned with 3,776 hours of loadshedding, and 2023 isn’t far behind, already exceeding 2,343 outages by April [RESBANK, 2023]. The human cost is staggering: 64% of small township businesses shut down during these blackouts, forcing 66% to shed jobs (Nedbank & TEA Report). But amidst this struggle, a glimmer of hope shines: Solana Energy.

Founded through a Supplier Development partnership with international resources group South32, Solana Energy is one of the fastest growing solar energy businesses in the country at the moment. 

Solana isn’t just a solar panel salesman; they’re a lifeline. According to the Nedbank and TEA survey, Businesses crave solar solutions, but navigating the complexities and affordability can be daunting. That’s where Solana steps in, offering expert guidance, tailored solutions, and flexible financing, removing hurdles for all. 

This hope is now fueled by a landmark partnership with Altvest Credit Opportunities Fund. This strategic funding empowers Solana to reach more businesses and citizens, especially in those communities hit hardest by loadshedding. The timing couldn’t be better – loadshedding’s impact on GDP reached 2.1%, with rural areas and industries like agriculture suffering the most[2022]. But rooftop solar, where Solana thrives, has offered a crucial buffer, and this partnership promises to accelerate that progress.

Imagine homes lit during blackouts, businesses thriving off-grid, and communities empowered by clean, locally generated energy. 

DEAL ANNOUNCEMENT:

ACOF’S ROLE:

ACOF is not just a direct lender; it’s a strategic funding partner.  ACOF goes beyond conventional lending, offering below-market lending rates and discounts to SMEs with demonstrable social impact credentials, with further discounts to SME’s that demonstrate strong women empowerment credentials. ACOF was launched in 2023, armed with capital from both large institutions and ordinary South African investors, and has been in the pursuit of deploying this capital to SME’s who desperately need it . Through ACOF’s lending facilities, SME’s are empowered to create direct jobs and communities receive much needed investment. 

SOLANA ENERGY’S GAIN:

This deal is more than just a loan; it’s a catalyst for positive change. The influx of capital from ACOF will supercharge Solana’s expansion, allowing them to:

  • Illuminate more homes and businesses: By increasing installation capacity and venturing into new regions, Solana can bring the life-changing benefits of solar power to more South Africans, easing the grip of loadshedding and fostering energy independence.
  • Spark a jobs revolution: As their footprint expands, Solana will need a larger workforce of skilled technicians, electricians, and support staff. This translates to empowering individuals with meaningful employment and boosting the local economy. To date, Solana Energy has trained over 100 young South Africans through its world-class training facility in Richard’s Bay and created 109 jobs in the solar sector. 
  • Empower underserved communities: Solana’s social conscience prioritizes bringing solar solutions to those most affected by unreliable grid electricity. ACOF’s support will accelerate their reach, alleviating energy woes and improving the quality of life in these communities.
  • Ignite innovative projects: Beyond traditional installations, Solana harbors a pipeline of ambitious projects. Beyond traditional rooftop installations, Solana plans to leverage the funding for further innovative Commercial, Industrial and social impact projects that align with their mission of sustainable community empowerment. ACOF’s fuel will allow them to bring these innovations to life, further solidifying their position as a future leader in South Africa’s renewable energy space.
  • Greener future for all: By harnessing the sun’s power, Solana contributes to a cleaner, more sustainable South Africa, aligning with ACOF’s commitment to environmental responsibility.

This collaboration is not just about numbers; it’s about impact. Imagine children studying under the glow of solar-powered lights, businesses operating uninterrupted, and entire villages empowered by clean, locally generated energy. This is the brighter future that Solana and ACOF are working towards, one sunbeam at a time.

With ACOF’s fuel propelling them forward, Solana Energy is poised to illuminate not just homes, but a more sustainable and equitable future for South Africa. This partnership is a testament to the power of collaboration in tackling critical challenges and creating a brighter tomorrow for all.

CONCLUSION:

This partnership between ACOF and Solana Energy goes beyond just money. It brings hope to South Africa during its energy crisis. ACOF’s investment allows Solana to bring solar power to more homes and communities, creating jobs and promoting a cleaner future. This is more than just solving loadshedding; it’s a step towards a sustainable and empowered South Africa powered by the sun.

Call to action:

South Africa’s energy future rests not just on megawatts, but on the collective action of purpose-driven organizations like ACOF and Solana Energy. Will you join them in illuminating a brighter path?

Apply for Funding With ACOF by clicking here.

Use Solana energy for solar solutions – click here.

Attributable quote – Solana Energy 

“As a high-growth business, it is a challenge to find funding partners who understand the nature of the SME environment in South Africa and are responsive and able to tailor appropriate funding solutions. We have been very impressed with the Altvest team throughout this process and we look forward to working with them to fuel our next growth phase” – Ahmed Motara – Business Development lead, Solana Energy.

For further information or images on Solana Energy: Contact Ane Bresler, [email protected](076) 135-2278

SOURCE
Harvard Reference for Reserve Bank of South Africa (2023) “Reflections on load-shedding and potential GDP impact”:

Author: Reserve Bank of South Africa (RESBANK)

Year: 2023

Title: Reflections on load-shedding and potential GDP impact

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