Evolution II fund closes ZAR100 million facility for new finance solutions company

Evolution II fund closes ZAR100 million facility for new finance solutions company targeting the commercial and industrial solar pv rooftop market

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Inspired Evolution, an Africa-focused investment advisory firm that specializes in the clean energy sector, closed a ZAR100 million investment facility by its Evolution II Fund into Commercial Energy SA – an affiliate of SolarAfrica. Commercial Energy SA offers a new innovative financing platform that provides funding solutions for long-term private commercial and industrial (C&I) solar PV customers, via SolarAfrica’s growing network of EPC contractor partners.

Commercial Energy SA is positioned to benefit from the rapid growth evidenced in the South African C&I market over the past few years and be a first-mover to capitalise on the growing opportunities further afield in select Sub-Saharan African countries.

Christopher Clarke, Managing Partner at Inspired Evolution said, ”We have been evaluating the C&I market over the last three to four years and concluded on the merits of establishing an affordable, credit-worthy financing platform as the optimal point of entry for our Evolution II Fund. This way, we offer an independent financing portal that crowds-in system integrators and EPC contractors that can secure long-term finance for their projects to benefit underlying private business customers”. 

SolarAfrica CEO, James Irons commented, “We are excited to have Evolution II as our funding partner in this growing specialised market. Inspired Evolution’s expertise, track record, strong networks and investor base adds significant value to Commercial Energy SA as a financing platform under SolarAfrica, allowing us to expand our digital credit portal with more aggressive acquisitions of solar PV rooftop projects, as well as launch in other maturing markets.”

The company is targeting an initial ZAR350 – 500 million of financing to convert its pipeline of eligible projects that require long-term financing solutions. This includes leveraging commercial debt financing from preferred banking partners that have approved its credit-platform to scale up its portfolio and achieve accelerated project conversion. 

Steven Faure, Senior Investment Principal at Inspired Evolution who led the deal added, “This new financing platform will provide better equipment, contractual and performance standardization via an innovative digital credit and design technology portal (UniFii) that removes previous market barriers and unlocks clean energy rooftop solutions for building owners and SMME businesses, providing them with clear visibility of electricity savings with increased energy independence”.  

Commercial Energy SA is a first-mover dedicated to funding solutions for long-term private commercial and industrial (C&I) solar PV customers.

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