Swedfund, Sweden’s development finance institution, has invested $10 million in Solar Saver to expand affordable solar and battery energy systems for small and medium-sized enterprises (SMEs) across Southern Africa. The capital will accelerate Solar Saver’s efforts to provide dependable, renewable electricity in South Africa, Namibia, Botswana, and Zambia, regions grappling with energy insecurity and high power costs. The investment aims to strengthen the private sector’s resilience while driving progress toward sustainable, low-carbon economic growth.
Supporting Business Competitiveness and Climate Goals
With frequent power shortages affecting productivity, the new funding will enable Solar Saver to scale distributed solar and battery systems that enhance energy reliability for SMEs. “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. He added that this partnership reflects Swedfund’s commitment to promoting fossil-free economic development in Africa’s key economic zones.
Solar Saver’s Business Model and Footprint
Solar Saver specializes in developing, owning, and operating small-scale solar and battery systems tailored for commercial clients. The company installs and manages systems directly at customer sites, offering electricity through power purchase agreements and rent-to-own contracts that eliminate the need for upfront capital investment. With over 700 installations delivering a combined capacity of approximately 140 megawatts, Solar Saver has built one of Southern Africa’s largest self-financed commercial and industrial (C&I) solar portfolios.
Investment Structure and Broader Partnerships
Swedfund’s $10 million investment forms part of a larger $60 million equity round led by Inspired Evolution’s Evolution III Fund, alongside the Dutch development bank FMO. The financing aims to enhance energy access, cut greenhouse gas emissions, and improve operational efficiency for SMEs across the region. As an active investor, Swedfund will collaborate with Solar Saver through an Environmental and Social Action Plan to reinforce sustainability standards and responsible business practices.
Aligning with Sustainable Development Objectives
The investment aligns with Swedfund’s mission to reduce poverty through sustainable private sector initiatives and contribute to the United Nations’ 2030 Agenda and the Paris Agreement. By supporting renewable infrastructure, Swedfund helps create long-term economic opportunities, generate employment, and increase access to essential services like clean energy and food security. Its approach combines direct sustainable investments with technical feasibility studies that advance public-sector infrastructure and trade development.
Strengthening Energy Security and Local Growth
The Solar Saver partnership underscores a growing recognition of renewable energy as a catalyst for inclusive economic growth in Africa. By lowering dependency on fossil fuels and reducing operational costs for small businesses, the initiative not only supports environmental goals but also boosts regional competitiveness. Through its commitment to sustainable finance, Swedfund continues to play a catalytic role in mobilizing private capital for impactful development.
Swedfund’s strategic investment in Solar Saver marks another step in its efforts to promote climate-smart, inclusive growth in emerging markets. By expanding decentralized renewable energy solutions, the initiative will empower businesses across Southern Africa to operate more efficiently and sustainably. As the region advances its transition toward cleaner power, partnerships like this demonstrate how development finance can drive both economic resilience and environmental progress.