AFRICA: IBL and Stoa invest in solar energy provider Equator Energy

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AFRICA: IBL and Stoa invest in solar energy provider Equator Energy ©Equator Energy

A consortium of two investors is taking a majority stake in Equator Energy. The Nairobi, Kenya-based company installs solar photovoltaic power plants for commercial and industrial (C&I) customers.

Two financial institutions are supporting the development of renewable energy in Africa through Equator Energy. The company based in Kampala, Uganda, has just opened its capital to a consortium of investors. The consortium is made up of the French Development Agency (AFD), IBL Energy, the subsidiary of the IBL Group based in Port Louis and listed on the Mauritius stock exchange, and Stoa, an impact fund created by the Caisse des dépôts et consignations (CDC) and the French Development Agency (AFD).

The value of the investments has not been disclosed. But IBL Energy is the main investor in the consortium, which now holds a majority stake in Equator Energy.  However, “the completion of the transaction is subject to the fulfillment of certain conditions precedent, including obtaining the necessary regulatory approvals and complying with all legal obligations,” IBL says.

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With the support of IBL Energy and Stoa, “we are confident in our ability to provide even more innovative solar solutions to our existing base of more than 100 customers, as well as to expand our reach to new customers in the future,” said Sebastian Noethlichs, founder of Equator Energy.  In recent years, Equator Energy has established itself on the energy scene in sub-Saharan Africa by providing solar photovoltaic energy to commercial and industrial (C&I) customers.

The company already has 35 MW of installed capacity in East Africa, primarily in Kenya and Uganda, “with smaller operations” in Zimbabwe, Somalia, Gambia and South Sudan. Since the beginning of 2023 alone, Equator Energy has commissioned solar systems in several countries in East Africa. A few weeks ago in Zimbabwe, the company connected a 4.4 MW hybrid solar power plant at the Turk Mine gold mine. Equator Energy also commissioned a 1.5 MW solar water system to power the Golden Quarry gold mine in Zimbabwe.

Jean Marie Takouleu

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