The funding will support the scale-up of distributed solar and battery energy systems in South Africa, Namibia, Botswana, and Zambia, helping small and medium-sized enterprises overcome power shortages and high energy costs.

"Access to dependable and affordable energy is essential for private sector growth, job creation, and climate resilience," said Jonas Kolijn, Senior Investment Manager for Energy & Climate at Swedfund. "Through this investment, we help strengthen energy security and support fossil-free economic growth in one of Africa's key economic regions."

Solar Saver develops, owns, and operates small-scale solar and battery systems that provide power directly to businesses. The company installs and manages systems on client premises and sells electricity through power purchase and rent-to-own contracts that require no upfront investment from customers. It currently operates more than 700 installations across Southern Africa, with a combined capacity of around 140 MW.

As part of the agreement, Swedfund will work with Solar Saver through an Environmental and Social Action Plan to enhance the company's environmental and social management systems and promote responsible business practices across its operations. The investment is included in a USD 60 million equity round led by Inspired Evolution's Evolution III Fund, with participation from FMO, the Dutch development bank.

The partnership is expected to reduce greenhouse gas emissions, provide a more reliable electricity supply, and improve competitiveness for small and medium-sized enterprises in the region.