News - African energy firm WiSolar signs bank pact to finance solar in SA

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African energy firm WiSolar signs bank pact to finance solar in SA

Source By Samuel Mugadze
1 year ago

Pan-African energy solutions company WiSolar has partnered with Wesbank to offer solar financing to South African businesses.

Through this partnership, WiSolar says, it aims to make the transition to solar energy more accessible and affordable for businesses in South Africa.

WiSolar has a presence in the energy markets of South Africa and Nigeria.

The WiSolar alliance with Wesbank comes as South Africa, the second-largest economy in sub-Saharan Africa, is facing crippling power cuts, which has pushed the country to increase use of renewable energy.

As state-owned energy monopoly, Eskom, has been implementing a programme of controlled blackouts, South Africa has, in recent months, witnessed an upswing in renewable energy consumption, as local businesses and households seek alternative sources for affordable and uninterrupted power supply.

According to Gaylor Montmasson-Clair, senior economist, Trade & Industrial Policy Strategies, South Africa’s imports of solar panels reached record levels for the country at R3.6 billion in Q1 2023, three times higher than the previous quarter.

WiSolar says the Wesbank partnership will allow it to provide business clients with finance for solar installations up to R1.5 million, allowing clients to invest in solar energy without having to bear the entire cost upfront.

“The partnership is a significant development in South Africa’s transition towards sustainable energy solutions. The financing options for solar installations, up to R1.5 million, will make it easier and more cost-effective for businesses to invest in solar energy, contributing to long-term cost savings and a cleaner environment,” says WiSolar CEO Tonye Irims.

Detailing the collaboration’s importance to ITWeb Africa, Irims says:“In addition to cost savings, investing in solar energy can also help businesses reduce their carbon footprint and contribute to a cleaner environment.

"By generating their own electricity through solar energy, businesses can significantly reduce their reliance on grid electricity, which is often generated through non-renewable sources.”

In terms of the arrangement, WiSolar will provide a range of solar solutions, tailored to the specific needs of each business.

Furthermore, the energy company will also provide an after-sales service that includes maintenance and support, to ensure that the solar installations continue to perform at optimal levels.