CDC agrees $10m debt deal with Mettle Solar Investments
The UK's CDC Group has agreed a $10 million debt deal with Mettle Solar Investments, which operates across Sub-Saharan Africa.
The new tranche of financing follows an earlier $7.5 million equity investment in Mettle by Gridworks, the company set up and funded by CDC last year to invest in critical power infrastructure.
The equity and debt investments will enable a quicker uptake of cleaner and cheaper sources of electricity for businesses across Africa. In addition to the reduction of carbon dioxide emissions from solar generation, electricity costs for businesses can be significantly reduced – sometimes by up to 40%, says CDC.
Mettle Solar currently has 34 projects (28.1MW) in operation in South Africa, Namibia, Kenya and Indian Ocean islands with a further 2.3MW currently under construction.
