MultiChoice-backed solar-as-a-service provider Wetility has successfully secured a R500 million structured capital partnership with Jaltech, a funder of solar energy projects in South Africa.
Wetility says the transaction marks a milestone in the company’s mission to provide clean, reliable and cost-effective solar energy to over one million homes and businesses across the country.
MultiChoice recently said Wetility is fast emerging as one of South Africa’s most dynamic renewable energy companies.
Backed in its early stages by the MultiChoice Innovation Fund, Wetility has fully repaid its loan well ahead of schedule, a rare milestone in the South African start-up landscape, said the company.
In a statement today, Wetility says the capital provided by Jaltech will be utilised to fund solar and battery systems, enabling the start-up company to add over 16MW of solar capacity to the national distributed energy footprint, as well as avoid over 250 000 metric tonnes of CO2 emissions.
“This funding unlocks the next phase of our growth, empowering thousands of homeowners and SMEs who want more predictability, control and savings in the face of a volatile energy landscape,” states Dawid Swart, Wetility CFO.
“It’s a strong endorsement of our model and mission, and we’re proud to partner with Jaltech, which shares our long-term vision. Together, we’re driving scalable, inclusive access to clean energy, one roof at a time.”
The R500 million funding structure comprises senior and equity capital, structured to match Wetility’s rapidly-scaling operations, the firm adds.
Jaltech says it identified Wetility as a high-impact business with strong potential to reshape South Africa’s residential and SME energy landscape.
“Over the years, Jaltech has assisted Wetility with portions of its growth plans, but we are now ready to stand firmly behind them and back their mission to deliver reliable energy to thousands of homes,” says Derrick Hyde, co-founder and partner at Jaltech.
The organisations say energy unavailability – including load-shedding, load-reduction and other planned and unplanned utility interruptions – remains one of SA’s most pressing socio-economic challenges.
Wetility and Jaltech anticipate that this deal will serve as a blueprint for future funding rounds to support a national scale-up strategy, enabling the deployment of solar energy to hundreds of thousands more homes and businesses over the coming year.
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