By Ayomide Otitoju
Vantage Capital, Africa’s largest mezzanine debt fund manager, has invested R635 million in Commercial Energy South Africa (CESA), a subsidiary of SolarAfrica Energy, alongside co-investor Greenpoint Capital. The transaction includes a mezzanine facility used to acquire Inspired Evolution’s stake in CESA, making SolarAfrica the 100% owner of the subsidiary.
Headquartered in Pretoria and founded in 2011, SolarAfrica provides commercial and industrial (C&I) clients with solar-PV, battery storage, energy trading, electricity wheeling, and gas-to-power solutions. The company has delivered approximately 343MW of funded solar projects across Southern Africa, with an additional 1.14GW under development. SolarAfrica was named African Solar Company of the Year by the Africa Solar Industry Association in 2021 and 2023.
CESA holds a portfolio of rooftop solar and battery storage assets totaling ~90MW across 134 sites, all managed by SolarAfrica.
Roshal Ramdenee, Partner at Vantage Capital, said the deal demonstrates confidence in distributed energy infrastructure and SolarAfrica’s platform. “CESA’s contracted C&I solar and battery portfolio provides predictable cash flows and supports South Africa’s shift to reliable and sustainable power,” he said.
Warren van der Merwe, Managing Partner at Vantage, added that the transaction highlights how mezzanine finance can support the rapidly evolving renewable energy sector.
Nic van Zyl, CIO at Greenpoint Capital, praised SolarAfrica’s progress and expressed optimism for collaboration with Vantage on the high-quality solar portfolio.
Charl Alheit, CIO at SolarAfrica, said the buy-out allows the company to expand renewable energy solutions, including electricity wheeling, reinforcing its commitment to delivering cheaper, greener power to C&I businesses.
Step Advisory acted as deal advisor to SolarAfrica, while Werksmans served as legal counsel for Vantage. Additional advisors included Cresco, Ernst & Young, Webber Wentzel, and SLR Consulting.
