GOGLA is excited to announce that 18 African companies have been selected to participate in the 2nd edition of ELEVATE, an Africa-focused investment readiness programme for locally-owned and managed off-grid solar companies, supported by GET.invest, a European programme which mobilises investments in renewable energy, supported by the European Union, Germany, Norway, the Netherlands, Sweden, and Austria.
ELEVATE helps bridge the gap between African companies and international networks and financiers, and enhance their investor readiness, by offering a specialized suite of technical expertise that will accelerate the companies’ ability to reach rural homes and businesses with life-changing solar electricity and appliances.
The importance of local companies to achieve energy access and climate goals across Africa
More than 600 million people in sub-Saharan Africa are still living without electricity – using instead kerosene, candles, or highly polluting diesel generators to light and power their homes and businesses. Off-grid solar provides the fastest and most affordable way to bring clean energy access to millions of them.
African entrepreneurs in the off-grid solar industry have traditionally struggled to access funds, despite locally-owned companies offering valuable local knowledge when addressing the complex challenge of electricity access. Like women-led organisations, they generate higher impact, are more inclusive and earn better satisfaction rates than their peers, on average.
“Between 2022 and 2023, GOGLA’s Investment Data outcomes indicated an impressive (almost 2x total) increase in the funding being injected into locally-owned businesses in the off-grid solar space. This is a great trajectory being established and we aim to keep the trend going through the next ELEVATE Cohort of companies. There is great potential with the upcoming cohort with a great mix of technologies and impactful business models being scaled across 11 different Sub-Saharan African countries. We hope to contribute significantly to the journeys of these entrepreneurs.” said Linda Yunia, Investment Readiness Manager at GOGLA
Participants in the first cohort raised almost $1 million
The companies that took part in the first cohort of ELEVATE were very satisfied with their participation, with 90% of them meeting their business targets since joining the program. During this time, the companies were able to raise $925 000, which is a success in an environment where African off-grid solar companies often have a harder time accessing funds than international ones.
“ELEVATE is an amazing initiative which has opened not only the much-needed funding resources for the growth of Natfort Energy, but also facilitated the forging of priceless relationships with like-minded entrepreneurs from across Africa” said Kudzi Chitiva, CEO and Founder of Natfort Energy, participant in the first ELEVATE cohort, who has since raised USD 250,000.
ELEVATE is a complementary service to the GET.invest Finance Readiness Support, recently rolled out after a successful two-year pilot phase initiated in November 2021. “ELEVATE is a great fit with our GET.invest Finance Readiness Support, which assists early-stage locally owned and managed companies in the energy access space in accessing formal finance. Through our close collaboration with the ELEVATE team at GOGLA, we are certain that many more locally owned and managed companies can be empowered to better support under-served populations in sub-Saharan Africa.”, highlighted Michael Franz, Team Leader at GET.invest.
The 18 companies from the 2nd cohort cover diverse geographies and market segments
The companies selected are based in 11 countries across Africa, with strong representation from Nigeria. Almost 30% of companies are majority female-owned and more than 60% have a majority female management. About 30% of the companies work with productive use of renewable energy products and services, including e-mobility, solar water pump distribution, solar irrigation, solar-powered cooling storage, and solar-powered drying.
Harriet Nongoola, CEO of Fena Solar from Uganda, one of the 18 companies selected, shared: “I am looking forward to gain knowledge and skill in innovations and strategies to scale our local female-owned and led enterprise. I expect that the cohort will be an enabler for me to push the vision forward and to be supported to achieve our mission ‘To foster and achieve women and youth economic empowerment and financial inclusion by offering clean energy solutions’.”
East Africa
Ethiopia:
- Sinopia
- Vera International Business PLC
Kenya:
- Irri-Hub Ke
- Rafode
Uganda:
- Fena Solar
Rwanda:
- Neseltec LTD
Burundi:
- Renewgen AS
West Africa
Nigeria:
- ACOB Lighting
- Betapawa Solutions
- Fizzle Power Tech
- Kipitfresh
- Osomobegbe Global Ventures Limited
Burkina Faso:
- Nafa Naana SAS
Benin:
- World Jolly Generation Engineering and Trading
South Africa
Botswana:
- African Sun Energy
Malawi:
- Green Impact Technologies
- Zasolar
Central Africa
Democratic Republic of Congo:
- GoShop Energy
About GOGLA
GOGLA is the global association for the off-grid solar energy industry. Our 200+ members provide millions of low-income and climate-vulnerable people with affordable, high-quality products and services; rapidly increasing customers’ productivity, connectivity, and resilience.
To enable sustainable businesses and accelerate energy access, we provide market insights, standards and best practice, and advocate for catalytic policies, programmes and investment. Working with partners, our pioneering industry can improve the lives of 1 billion people by 2030.
To find out more, visit www.gogla.org.
About GET.invest
GET.invest is a European programme that mobilises investments in renewable energy. It works with project and business developers, financiers and regulators to build sustainable energy markets in partner countries. Services include finance access advisory, market information, a funding database, and matchmaking events. Since 2022, GET.invest powers the Team Europe One Stop Shop for green energy investments, an access point for information about and facilitated access to European support and financing instruments for energy projects and companies in Africa. The programme is supported by the European Union, Germany, Sweden, the Netherlands, and Austria.
To find out more, visit www.get-invest.eu.
