South Africa: RMB Corvest backs solar service provider
RMB Corvest, a private equity business, has invested in Sedgeley Energy, the exclusive provider of engineering, procurement and construction (EPC) and maintenance services to Solar-Saver, owner of the largest fleet of commercial solar photovoltaic (PV) systems in the Southern African region.
Founded in 2016, Sedgeley Energy designs, installs, maintains and monitors solar PV systems for the commercial and industrial sector. More specifically, Sedgeley Energy has developed a specialised ‘rent-to-own’ solar solution and has established a number of Solar-Saver vehicles to fund installations together with its long-term investment partners. Customers are offered a capex-free solution with the initial layout funded through Solar-Saver against a monthly charge for use of the solar PV system. Key Solar-Saver customers operate in the commercial property, retail, manufacturing, tourism and petroleum sectors. Sedgeley Energy also provides Solar-Saver customers with technical support and is known for its solutions-driven approach to projects.
Brendan Wiebols, an executive at RMB Corvest, says that Sedgeley Energy’s track record and experienced management team, who have retained a significant shareholding in the company, made it a very attractive investment opportunity. “Given the challenges that businesses in Southern Africa face with regards to quality and stable electricity supply, we predict strong growth prospects. Additionally the very real drive of ESG requirements along with a focus on the global move to greener, cleaner energy means that the opportunity for further development is a given.”
“We believe that Sedgeley Energy and Solar-Saver will continue to expand their already well-diversified customer base going forward – both locally and throughout the SADC region. The offering of a capex-free solution with ongoing maintenance and monitoring are also key differentiators in the solar energy market,” notes Fahmida Potgieter, an executive at RMB Corvest.
Tim Frankish, a co-founder of the business, says that the deal will provide liquidity required to support its long-term growth plans, “We’re looking forward to partnering with our new shareholders to continue to exceed our customers’ expectations and grow our offering. With new opportunities opening up both in South Africa and the Southern African region, this is the ideal time for us to continue to build on the platform we have already established in the market.”