Fortis Green Renewables Investment Management and Zeitinger Invest have made a growth equity investment in GRIPS Energy Group to support the expansion of commercial and industrial solar and battery storage projects across sub-Saharan Africa.

The investment will finance the acquisition of operational renewable energy assets in Senegal, Botswana, Zambia and Uganda, while providing additional capital to expand GRIPS' portfolio of distributed solar and solar-plus-storage projects.

The financial terms of the transaction were not disclosed.

GRIPS, which develops, finances, owns and operates renewable energy infrastructure for commercial and industrial customers, is targeting a portfolio of more than 100 MW of solar and battery storage assets by 2030.

The company estimates that the planned portfolio could avoid approximately 100,000 tonnes of carbon dioxide emissions annually while helping businesses reduce electricity costs and improve energy reliability.

The investment will also enable GRIPS to expand its project pipeline and strengthen its presence across multiple African markets.

Fortis Green Renewables provides equity and equity-like financing to renewable energy projects across Africa, investing in both new developments and operational assets through its Green Fund I.

Zeitinger Invest is a family investment company focused on businesses pursuing long-term growth.

“Africa's C&I renewable energy sector represents one of the most attractive investment opportunities globally,” said Benito Grimaudo, Managing Director of Fortis Green Renewables Investment Management.

“We believe GRIPS is exceptionally well positioned to capture this opportunity and establish itself as a leading renewable energy platform across the continent.”

The investment comes as commercial and industrial businesses across sub-Saharan Africa increasingly seek alternatives to conventional electricity supply amid rising energy costs, grid instability and growing demand for reliable power.

Distributed solar generation and battery storage systems are becoming an important part of the region's energy infrastructure, particularly for businesses seeking to reduce dependence on unreliable electricity networks.

“Reliable and affordable access to electricity remains one of the most important drivers of economic growth across Sub-Saharan Africa,” said Marcel Zeitinger, Managing Director of Zeitinger Invest.

“GRIPS has demonstrated its ability to deliver impactful renewable energy solutions that improve competitiveness for businesses while advancing the energy transition.”

Carsten Jung, Chief Investment Officer of GRIPS Energy Group, said the investment would provide both capital and strategic support for the company's expansion.

“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.”

GRIPS, which is owned by Anjano Energy Invest GmbH, plans to use the investment to expand its renewable energy portfolio and pursue its target of deploying more than 100 MW of solar and battery storage assets by 2030.