Swedfund, Sweden’s development finance institution, has invested in Solar Saver to expand access to clean and reliable energy in Southern Africa.

The investment is part of a $60m equity round led by Inspired Evolution’s Evolution III Fund alongside FMO, the Dutch development bank.

The capital will support the scale-up of distributed solar and battery energy systems in South Africa, Namibia, Botswana and Zambia, improving access to stable electricity for small and medium-sized enterprises affected by 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.”

SolarSaver develops, owns and operates small-scale solar and battery systems that supply power directly to businesses.

The company installs and operates systems on client premises, selling electricity through power purchase and rent-to-own contracts that require no upfront investment from the customer. It currently operates more than 700 installations with a combined capacity of circa 140 MW across Southern Africa.

As an active owner, Swedfund will engage through an agreed Environmental and Social Action Plan to strengthen Solar Saver’s environmental and social management systems and to promote responsible business practices across its operations.

The investment contributes to reduced greenhouse gas emissions, a more reliable electricity supply and improved competitiveness for small and medium local enterprises.