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Fortis Green Renewables Investment Management and Zeitinger Invest have made a growth equity investment in GRIPS Energy Group, a developer, owner and operator of commercial and industrial (C&I) solar and battery energy storage projects across sub-Saharan Africa.
The investment finances the acquisition of operational renewable energy assets in Senegal, Botswana, Zambia and Uganda. It also provides growth capital to support GRIPS’ expansion of distributed solar and solar-plus-storage projects serving C&I customers.
Fortis Green Renewables is a renewable energy investment firm focused on expanding access to clean, reliable and affordable electricity across Africa. It provides equity and equity-like capital to both greenfield and operating renewable energy assets, and is currently investing out of its Green Fund I.
Benito Grimaudo, managing director of Fortis Green Renewables Investment Management, said: “We are delighted to partner with the GRIPS management team and Zeitinger Invest at a pivotal stage of the company’s growth. GRIPS has built a compelling platform with a strong pipeline, deep local market expertise and a clear strategy for delivering affordable and sustainable energy solutions to commercial and industrial customers across Africa.
“Africa’s C&I renewable energy sector represents one of the most attractive investment opportunities globally. We believe GRIPS is exceptionally well positioned to capture this opportunity and establish itself as a leading renewable energy platform across the continent. We look forward to supporting the company as it works towards its ambitious target of deploying more than 100 MW of solar and storage assets by 2030.”
Zeitinger Invest is a family investment company focused on partnering with businesses that create long-term sustainable value.
Marcel Zeitinger, managing director of Zeitinger Invest, commented: “Reliable and affordable access to electricity remains one of the most important drivers of economic growth across sub-Saharan Africa. GRIPS has demonstrated its ability to deliver impactful renewable energy solutions that improve competitiveness for businesses while advancing the energy transition. We are excited to support the company’s growth plans and long-term vision.”
Carsten Jung, chief investment officer of GRIPS, added: “This investment represents an important milestone for GRIPS. The support of Fortis Green Renewables and Zeitinger Invest provides not only growth capital but also strategic expertise that will enable us to accelerate our expansion across sub-Saharan Africa.”
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