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Off-grid Company, Mettle Solar Gets $7.5 Million from Gridworks

Gridworks, an effective and efficient platform owned by CDC group, has recently announced a $7.5 million investment in the off-grid supply company, Mettle Solar Investments.

Mettle Solar Investments, an off-grid supplier, has fresh funds for its development on the African continent, through an equity investment of $7.5 million in this South African-based company. The transaction is being taken place by Gridworks, a development and investment platform generated in mid-June 2019 by Commonwealth Development Corporation, which is the UK government’s development finance agency.

CDC Group considers that this financing will allow Mettle Solar Investments to expand its services in Africa. The latter supplies solar off-grid systems with storage systems to industries and commercial companies. “Many countries in sub-Saharan Africa often face power outages. It is clear that companies must be able to depend on a reliable supply of electricity. Our investment will help Mettle Solar provide clean and reliable energy to companies in African markets where electricity is often not trusworthy and leaves a larger carbon footprint,” said Simon Hodson, Gridworks’s president and CEO.

Mettle Solar is currently installing 12 MW of off-grid power all over the African continent. It already has 15.4 MW installed for companies in countries such as South Africa, Namibia, Kenya, but also in the Indian Ocean islands, including the Seychelles. In this archipelago, Mettle Solar has made available an off-grid of 750 kWp to Islands Development Company (IDC), a public company dedicated to the development of the archipelago.

Source : www.bzafrv.com
Posted On: 7/27/2019 12:00:00 AM

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