This archive report was first published on 25 July 2019.
Published on July 25, 2019, WiSolar, a Gauteng-based firm, is seeking to raise $40 million to launch its Solar-as-a-Service product in Nigeria and South Africa.
The company's prepaid decentralized solar electricity solution targets communities in South Africa's Gauteng, Mpumalanga, North West, Eastern Cape, Western Cape, Limpopo, Free State, KwaZulu-Natal, and Northern Cape provinces, as well as Lagos, Abuja, Southern Nigeria states, primarily Southeast, Southwestern Nigeria, and Rivers state.
WiSolar plans to adopt different strategies in the areas to be serviced, particularly in the North of Nigeria, with a vision for prepaid solar to be the primary source for electricity and grid electricity as a backup.
The firm aims to eliminate environment polluting generators with associated high running costs in maintenance across Nigeria via solar-as-a-service.
WiSolar is seeking to raise series A $40M in debt and equity for the accelerated roll-out of prepaid solar electricity in South Africa and Nigeria, with a planned launch in the third quarter of 2020.
The proposed pricing for South Africa is ZAR 0.82 cents per KWh, which is less than grid parity with Eskom's pricing currently at ZAR 148.07 cents per kWh.
