Gridworks finalises its investment in Mettle Solar Investments

Gridworks, the company set up in 2019 to develop and invest in Africa’s electricity networks, today announced the financial close of its investment in Mettle Solar Investments (“Mettle Solar”).

Mettle Solar is a South African-based distributed renewable energy company that provides solar energy solutions to business customers across Africa. Mettle Solar will receive 106.7m South African Rand (approx.US$7.2 million) of equity funding from Gridworks.

The investment by Gridworks will also see Mettle Solar appoint Mbuvi Ngunze as its new Chairman. Mbuvi Ngunze is an experienced African business leader, who is currently a Senior Advisor to Catalyst Principal Partners and was previously the Group Managing Director and CEO of Kenya Airways.

Mettle Solar currently has 34 projects (28.1MW) in operation in South Africa, Namibia, Kenya and Indian Ocean islands with a further 2.3MW currently under construction. It works with business clients to fund, develop and operate solar power technologies, including battery storage, that provide consistent, affordable clean energy.

Gridworks’ investment, its first since launching in June 2019, will help drive Mettle Solar into new markets across Africa. The investment aims to reduce carbon emissions and demonstrate the commercial viability of distributed renewable energy for businesses in a continent where 70 per cent of total energy demand currently comes from commercial and industrial customers.

Welcoming the financial close of the investment, Gridworks CEO, Simon Hodson said:

“This is a landmark for Gridworks as our first investment reaches financial close. By providing patient, long-term capital to Mettle Solar we’ll support them as they reach new markets across Africa. Mettle Solar offers consistent and clean energy to their customers, acting as a pioneer in the use of battery storage for business users and helping them cut their dependence on diesel.

“Our aim is to increase the quantity and quality of power in Africa and we know that Mettle Solar can contribute to this goal – providing green, reliable power to businesses that will go on to create jobs and economic opportunity. Mettle’s excellent leadership team will be strengthened by the appointment of the hugely experienced Mbuvi Ngunze as its new Chairman.”

Mettle Solar’s new Chairman, Mbuvi Ngunze said:

“I am delighted to be joining the Board of Mettle Solar at this important time in the company’s development. There’s a clear need for a reliable power supply to business across Africa, with the continent’s commercial and industrial customers crying out for stable, affordable green energy.

“With the new investment announced today by Gridworks, I believe that Mettle can expand into new African markets, meeting the growing needs of businesses, while helping to combat climate change. I look forward to playing my part in that growth.”

Capitalised by British International Investment, Gridworks will aim to invest over US$300 million improving the transmission and distribution infrastructure to deliver reliable and sustainable power.

Gridworks’ mandate covers transmission and distribution infrastructure, as well as on and off-grid solutions (which include distributed renewable energy systems). Two Gridworks representatives, Simon Hodson and Chris Flavin, will sit on Mettle Solar’s Board of Directors.

Media contact: Rhyddid Carter | rhyddid.carter@gridworkspartners.com

External link: gridworkspartners.com