Grid Africa, a solar energy solutions company, has received a significant equity investment of $2,9 million ( R50m) from Rifuwo Energy Partners.

According to Grid Africa, this investment will be important in moving its renewable energy projects forward in South Africa at a critical moment as the country prepares for an increase in energy costs.

The company said Eskom's recent application to the energy regulator for a whopping 36% increase in tariffs signals a significant increase in overall energy costs, which is expected to particularly impact business customers.

In light of this situation, Grid Africa said it is developing solar energy solutions to help mitigate rising expenses.

Norman Moyo, CEO of Grid Africa, stated, “The recent changes in energy security in South Africa present a unique opportunity for businesses to deploy more solar energy projects, providing a buffer against escalating energy prices.

“With decreasing costs in solar technology and lithium batteries, we can further enhance energy efficiencies and enable peak shaving for our clients, where they can avoid peak charges on the electrical grid.”

Grid Africa, according to CEO Hope Tshepo Segone of Rifuwo Energy Partners, matches with his company's objective of driving a just transition to a more sustainable future.

Segone said: “We are excited to partner with an experienced and entrepreneurial team who have a proven track record in developing and maintaining hybrid projects in challenging environments such as Zimbabwe, Kenya, and Ivory Coast.”