SolarAfrica Valuation, Funding & Investors
SolarAfrica is valued at $72M as of January 2019.
Last SolarAfrica valuation
$72M
Undisclosed stage · Jan 2019
Last SolarAfrica funding round
$93M
Undisclosed stage · Jan 2026
Cumulative funding SolarAfrica raised
$118M
across 2 funding rounds
Key investors in SolarAfrica
Helios Fairfax Partners
Inspired Evolution Investment Management
African Infrastructure Investment Managers
About SolarAfrica
SolarAfrica is a South African solar provider offering CAPEX-free power purchase agreements to businesses. Headquartered in Johannesburg, it installs and maintains rooftop PV systems monitored via proprietary platforms, including insurance and performance guarantees for sites in Gauteng and Western Cape provinces.
Founded
2011
HQ
PretoriaWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Valuation
$72M (Jan 2019)
SolarAfrica Valuation
SolarAfrica is currently valued at $72M, based on its undisclosed-stage round in January 2019.
The $25M round included Inspired Evolution Investment Management.
SolarAfrica valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2019 | Undisclosed stage | $72M |
SolarAfrica Funding History
SolarAfrica has raised a total of $118M across 2 funding rounds.
SolarAfrica's first fundraising round was a $25M undisclosed-stage round in January 2019. The most recent completed round was a $93M undisclosed-stage round in January 2026.
SolarAfrica funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Undisclosed stage | African Infrastructure Investment Managers (lead); Helios Fairfax Partners (lead) | $93M | - | SolarAfrica is an independent power producer focused on utility-scale solar photovoltaic projects in South Africa, particularly through its SunCentral development in the Northern Cape, aimed at providing clean, affordable energy via wheeling to commercial and industrial customers. SunCentral is planned to reach 1GW at full scale, with SunCentral 2 representing 114MW as the next phase following SunCentral 1's financial close in late 2024. The company secured R1.5 billion (US$91.8 million) in funding from FirstRand Bank Limited (RMB) and Investec Bank Limited for SunCentral 2, enabling construction with first power expected in 2026. This funding supports grid strengthening via the Main Transmission Substation and is part of SolarAfrica's 3GW wheeling pipeline under development nationwide. SolarAfrica, part of the Starsight Energy Africa Group and backed by investors including African Infrastructure Investment Managers (AIIM) and Helios Investment Partners, emphasizes bilateral wheeling to deliver renewable energy without upfront capital for off-takers. The model allows businesses to manage costs, reduce emissions, and avoid reliance on unreliable utility power amid tariff hikes. SunCentral phases 1-3 total 342MW, positioning it as one of South Africa's largest solar initiatives for one-to-many wheeling. Funding allocates portions to local job creation, education, procurement, and skills development in partnership with contractors. No details on a specific VC equity round matching the query's investors African Infrastructure Investment Managers and Helios Fairfax Partners around January 14, 2026 were found; available information covers project debt financing rather than company-level valuation or revenue metrics. AIIM has a history of renewable investments in South Africa, including recent exits from other solar and wind assets worth over R750 million, but no direct link to a new SolarAfrica VC round. The broader context shows rising investor interest in African solar due to energy shortages and commercial demand, surpassing fintech in funding. |
| Jan 2019 | Undisclosed stage | Inspired Evolution Investment Management | $25M | $72M | SolarAfrica is a solar financing specialist providing funding solutions for residential, commercial, and industrial energy users in South Africa and select Sub-Saharan African countries, operating as a first mover in the solar finance industry with its Unifii digital credit portal. In January 2019, Inspired Evolution's Evolution II Fund made an initial equity investment of ZAR 100 million ($7.47 million) into Commercial Energy SA (CESA), an affiliate of SolarAfrica, as part of a funding facility that could scale up to ZAR 500 million through a joint venture to finance rooftop solar PV projects for commercial and industrial consumers. The investment aimed to support aggressive acquisitions of solar projects, leverage commercial debt from banking partners, and target ZAR 350-500 million ($26-37 million) in financing for eligible projects in the pipeline. CESA was established to acquire and operate distributed renewable energy systems, including grid-tied rooftop and ground-mounted solar PV installations and battery energy storage systems, serving C&I customers under long-term power purchase and lease agreements. SolarAfrica CEO James Irons highlighted the value added by Inspired Evolution's expertise, track record, networks, and investor base in expanding the financing platform. Christopher Clarke, Managing Partner at Inspired Evolution, noted the C&I market evaluation over three to four years, positioning the financing platform as an optimal entry for the Evolution II Fund to crowd in EPC contractors and system integrators. The partnership strengthened SolarAfrica's EPC and sales partner network, committing to innovation in financed solar and enabling installers in the solar ecosystem. Subsequent developments included multiple funding tranches over seven years to support CESA's expansion, culminating in Inspired Evolution's exit in early 2026 when SolarAfrica Energy acquired the fund's controlling stake in CESA. Inspired Evolution has a broader track record in over 1,000 MW of renewable energy projects across Sub-Saharan Africa through its funds. |
Who has invested in SolarAfrica?
3 investors have backed SolarAfrica across its funding rounds, including Helios Fairfax Partners, Inspired Evolution Investment Management and African Infrastructure Investment Managers.
Lead investors include African Infrastructure Investment Managers and Helios Fairfax Partners.
SolarAfrica Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Cape Town | 1 | Lead | Jan 2026 | |
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Start Free TrialAcquisitions by SolarAfrica
SolarAfrica has acquired 2 companies to date.
Last acquisition by SolarAfrica was on March 1st 2026. SolarAfrica acquired Commercial Energy South Africa for undisclosed valuation.
Latest Acquisitions by SolarAfrica
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Commercial Energy South Africa | ||
| Description | Commercial Energy South Africa is a SolarAfrica subsidiary that supplies commercial solar and battery storage through PPAs to businesses, delivering clean energy without capital expenditure. | Starsight Energy is a Nairobi-headquartered provider of solar hybrid power systems for commercial and industrial off-grid sites across East Africa. Clients pay monthly leases covering installation, maintenance, and 24/7 monitoring without upfront capital. The company has deployed 50 MW capacity serving mines, factories, and hotels in Kenya, Tanzania, and Uganda since 2015. |
| HQ Country | |  |
| HQ City | - | Lagos |
| Deal Date | 1 Mar 2026 | 22 Sep 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all SolarAfrica acquisitions and their M&A valuation multiples. Start Free Trial | ||
SolarAfrica Competitors
SolarAfrica competitors include listed companies like Azure Power Global, Onde and Maxvolt Energy Industries, and private ones like Vehya, Independence Hydrogen and Voltus.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 India | Publicly listed | $222M | $119M | $64M | - | |
 Detroit, MI | Private | - | - | $50M | - | |
| Washington, DC | Private | - | - | $120M | - | |
| United States | Private | $47M | - | $120M | 2.6x | |
 Poland | Publicly listed | $228M | $13M | $121M | 0.6x | |
| India | Publicly listed | $30M | $4M | $43M | - |
SolarAfrica Public Comps
SolarAfrica is still privately-owned, but its public comps include Gridwiz, New Fortress Energy, Sulnox Group, Tigo Energy, Naas Technology, H2APEX Group, GCL Global Holdings, Blink Charging, Gold Hydrogen and Azure Power Global.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $91M | $4M | 0.6x | - | 13.2x | - | |||
| $1.5B | ($826M) | 6.1x | - | (11.1x) | 75.0x | |||
| $4M | ($11M) | 19.7x | 10.9x | (6.3x) | (17.8x) | |||
| $104M | $10M | 0.6x | 0.6x | 6.4x | 30.3x | |||
| $19M | ($58M) | 8.3x | - | (2.7x) | - | |||
| $11M | ($33M) | 10.1x | 7.4x | (3.5x) | (4.0x) | |||
| $239M | ($20M) | 0.4x | - | (5.3x) | - | |||
| $103M | ($73M) | 0.5x | 0.5x | (0.7x) | (2.0x) | |||
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Common questions about SolarAfrica
| When was SolarAfrica founded? | SolarAfrica was founded in 2011. |
| Where is SolarAfrica headquartered? | SolarAfrica is headquartered in Pretoria, South Africa. |
| Is SolarAfrica publicly listed? | No, SolarAfrica is a private, VC-backed company. |
| What is SolarAfrica's valuation? | SolarAfrica was last valued at $72M in its undisclosed-stage round in January 2019. |
| How much funding has SolarAfrica raised? | SolarAfrica has raised $118M across 2 funding rounds. |
| What was SolarAfrica's last funding round? | SolarAfrica's last funding round was a $93M undisclosed-stage round in January 2026, led by African Infrastructure Investment Managers and Helios Fairfax Partners. |
| Who are SolarAfrica's investors? | SolarAfrica's investors include African Infrastructure Investment Managers, Helios Fairfax Partners and Inspired Evolution Investment Management. |
| Which companies are comparable to SolarAfrica? | Companies comparable to SolarAfrica include Azure Power Global, Vehya, Independence Hydrogen, Voltus, Onde and Maxvolt Energy Industries. |
| How many companies has SolarAfrica acquired? | SolarAfrica has acquired 2 companies, including Commercial Energy South Africa and Starsight Energy. |
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