Trine is collaborating with Solarise Africa, a pan-African energy leasing company, to invest in renewable projects on the continent. The first debt financing round provided by Trine will finance five solar projects in South Africa and Kenya. Demand for on-site renewable energy assets is growing rapidly as businesses are faced with rising energy costs and a desire to improve the sustainability of their operations. Building on-site microgrid assets requires significant capital outlay and building owners and operators have few other options today to take control of their energy. The new venture, totaling €5m across multiple tranches, is set to advance investments in food security, renewable energy, urban development, and manufacturing and production in South Africa, Kenya, Ghana and Rwanda.
This presents a new offering for our investors as Solarise Africa works with a selected group of renewable energy solution companies and collaborates very closely with their partners to provide a range of tailor-made financial solutions for their customers. These funds will be used to deploy projects and expand market share in current operational countries. Now, Solarise Africa has operations in Kenya, South Africa, Rwanda, Uganda, and Ghana where several projects have been deployed, and our pipeline continues to expand quickly.