The investment company responsAbility Investments has announced a $10 million financing package for Jaguar New Energies (JNE). In partnership with New Southern Energy, the company provides solar power to commercial and industrial customers.
Good news for Jaguar Energies (JNE). The South African company has secured $10 million in financing from a fund managed by the investment company responsAbility. The funding consists of senior and junior debt to help catalyse the development of JNE’s business in South Africa.
The company develops, finances and builds solar photovoltaic power plants for commercial and industrial (C&I) customers. JNE is developing its project portfolio in partnership with New Southern Energy. With South Africa’s electricity crisis, C&I solar power is expected to grow further in the coming years, especially as the authorities are now encouraging massive clean energy production for businesses by allowing the construction of plants with capacities of between 1 and 100 MW, without any prior approval.
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And in a context marked by power cuts that can last for hours at a time, “the individual solar energy projects developed by JNE on rooftops or further afield mean that businesses will be able to obtain the cheap and more reliable electricity they need to operate. This is at a time when the national grid operator (Eskom) continues to face serious problems in providing South African businesses with affordable and reliable electricity,” says responsAbility.
According to Paulo Bello, director of ForestEffect Fund, one of JNE’s shareholders, responsAbility’s funding will provide the necessary support to build more than 20 MW of renewable energy capacity for businesses in various sectors.
Jean Marie Takouleu
