Vantage Capital, Africa’s largest mezzanine debt fund manager, has injected R635 million into Commercial Energy South Africa (CESA), a subsidiary of SolarAfrica Energy, alongside co-investor Greenpoint Capital.
The transaction enables SolarAfrica to take full ownership of CESA, consolidating its portfolio of commercial and industrial solar and battery energy assets, and underscores the growing momentum behind South Africa’s renewable energy transition.
The deal involves a mezzanine facility used to facilitate the exit of Inspired Evolution from CESA, positioning SolarAfrica as the sole shareholder.
Founded in 2011 and headquartered in Pretoria, SolarAfrica has delivered approximately 343MW of funded solar projects across Southern Africa, with a pipeline exceeding 1.14GW.
Twice named African Solar Company of the Year by the Africa Solar Industry Association (2021 and 2023), SolarAfrica provides tailored energy solutions including solar-PV, battery storage, electricity wheeling, and gas-to-power services.
CESA currently holds a portfolio of rooftop solar and battery storage assets with a combined capacity of around 90MW across 134 sites, all managed by SolarAfrica.
The investment strengthens predictable cash flows from contracted C&I clients, while supporting South Africa’s broader shift toward reliable and sustainable distributed energy infrastructure.
Roshal Ramdenee, Partner at Vantage Capital, commented that the transaction reflects confidence in SolarAfrica’s platform and the resilience of distributed energy.
Warren van der Merwe, Managing Partner at Vantage Capital, emphasized that mezzanine finance is increasingly relevant in the evolving power sector.
Nic van Zyl, CIO at Greenpoint Capital, noted the long-term collaboration potential, while Charl Alheit, CIO at SolarAfrica, highlighted that full control of CESA will allow further innovation, including electricity wheeling, to make cheaper, greener power more accessible to businesses.
The transaction, advised by Step Advisory with legal counsel from Werksmans, and supported by Cresco, Ernst & Young, Webber Wentzel, and SLR Consulting, signals a broader trend in Africa’s renewable energy financing.
For global markets, it demonstrates how mezzanine structures can unlock growth in clean energy infrastructure, reinforcing Africa’s role as a key player in the global transition to sustainable power.
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