17 November 2022, Lion’s Head Group (“Lion’s Head”) managed fund, the Facility for Energy Inclusion (“FEI”), signs its
first transaction in the commercial and industrial solar market and acts as arranger for a USD 33.4
million multi-country facility for Solarise Africa, a pan-African Energy-as-a-Service company.
On November 1 st , 2022, the Facility for Energy Inclusion (“FEI”) signed its first transaction in the
commercial and industrial solar market. FEI acted as lead arranger for a USD 33.4 million multi-
country facility for Solarise Africa’s subsidiaries in Kenya, South Africa and Mauritius. FEI will provide
USD 21.4 million of the total amount and is being joined by Oikocredit (USD 7 million) and Lion’s
Head managed fund, AfricaGoGreen Fund (“AGG”, USD 5 million).
Solarise Africa is a pan-African Energy-as-a-Service company that provides reliable and affordable
decentralised energy solutions for businesses in Africa. Through close collaboration with its partners,
the company offers innovative full-service solutions that cover designing, building, financing, and
maintaining renewable energy installations. The company was nominated as African Solar Company
Of The Year in the 2022 AFSIA Solar Awards.
The transaction structured by FEI provides Solarise Africa with the necessary funding and flexibility
to substantially expand its portfolio in Kenya, South Africa and other selected African countries. The
Solarise Africa financing was made possible through the support of FEI as lead arranger, Oikocredit,
the social impact investor, and energy efficiency focused AGG, which joined the consortium to
specifically finance the installation of industrial machinery that significantly reduces energy usage.
Viruni Capital Partners acted as the sole financial advisor on the transaction.
Lion’s Head is an investment bank and asset manager, operating across frontier and emerging
markets. Lion’s Head Asset Management (“LHGP Asset Management”) manages four pioneering
funds, including: (i) the African Local Currency Bond Fund (“ALCBF”), a ground-breaking investment
vehicle established to support local currency capital markets, (ii) Off-Grid Energy Access Fund
(“OGEF”) and Facility for Energy Inclusion which support companies that provide a range of
renewable energy solutions such as Solar Home Systems, Mini Grids, C&I and IPP with a maximum
capacity of 25 MW, and (iii) AfricaGoGreen Fund which supports companies which combat climate
change by reducing the use of fossil fuels through new technologies and increased operating
efficiency and promote economic development in high impact target sectors. LHGP Asset
Management has over US$600 million of assets under management with investments in 27 African
FEI is designed to support small-scale independent power producers delivering power to the grid,
mini-grids, commercial and industrial and captive power projects. FEI was set up by the African
Development Bank as part of its New Deal for Africa initiative. In addition to the investment by the
AfDB, FEI received equity funding from KfW and Norfund and a loan commitment from the Austrian
Development Bank. The AfDB also invested on behalf of the Clean Technology Fund and the
AGG was established by KFW and has received further funding commitments from the African
Development Bank, NDF, SEFA, Calvert Impact Capital and the IFC.
The transaction was supported by FEI’s Project Preparation Facility (“PPF”), funded by the Global
Environment Facility, through the African Development Bank. The PPF provides returnable grant
funding for last-mile processes that are crucial to closing transactions and to fund due diligence and
preparatory costs incurred in establishing innovative structures or transactions that FEI is seeking to
“The commercial and industrial solar market has a huge potential in Africa. This transaction
demonstrates the flexibility and client-oriented focus of FEI and Lion’s Head Group. This multi-country
loan will allow Solarise Africa to solidify its position in the commercial and industrial solar market in
Kenya and expand its activities in other jurisdictions in Africa”, said Orli Arav, Head of Debt Funds at
LHGP Asset Management.
“We are very honoured and grateful for the confidence the investors have shown in us. As the largest
debt raise in Africa’s C&I space to date, this proves that Solarise Africa has a solid business model.
We are proud to welcome these three prestigious new investors – Lead arranger FEI, Oikocredit and
AfricaGoGreen – to our current group of investors. Throughout 2022, we have significantly grown our
footprint and portfolio, and with this new loan, we will be able to catapult our efforts to advance
renewable energy adoption in Africa, “said Jan Albert Valk, CEO and Co-Founder of Solarise Africa.