Renewable energy leaders SolarSaver and Sedgeley have announced the successful completion of a landmark investment transaction that consolidates the two groups under a new holding company and introduces new international shareholders, positioning the combined Sedgeley Solar Group (SSG) for accelerated growth across Southern Africa.
The transaction, valued at approximately ZAR 1.8 billion, brings Inspired Evolution’s Evolution III Fund, alongside global development finance institutions FMO (Netherlands) and Swedfund (Sweden), into SSG as long-term strategic investors. The deal also delivers a full exit for Pembani Remgro Infrastructure Fund I (PRIF), a substantial re-investment from the founders and RMB Corvest, while raising a substantial amount for new growth equity to support expansion and project development.
SSG combines SolarSaver’s portfolio of contracted commercial and industrial solar assets with Sedgeley’s engineering, procurement, construction, and operations expertise, creating one of Southern Africa’s largest providers of turnkey, capex-free solar energy solutions. The group currently operates in South Africa, Namibia, Botswana, and Zambia, with more than 140 MW of installed capacity under management.
“This partnership marks an exciting milestone for our business and our clients,” says Tim Frankish, Co-Founder of SSG. “The introduction of respected international investors provides both the financial strength and strategic insight needed to accelerate our expansion and deepen our contribution to Southern Africa’s clean-energy transition.”
Evolution III, Inspired Evolution’s next-generation energy transition fund, led the consortium.
“We are excited about the opportunity to partner with a strong, experienced management team to accelerate access to reliable, sustainable power for businesses across the region”, says Monya Bassingthwaighte, investment director at Inspired Evolution. “This investment is a significant step for us to further advance our mission to transform Africa’s energy landscape."
“We are pleased to support SSG at a pivotal time when solar and battery solutions have become least-cost, accelerating clean energy infrastructure across the continent,” says Christopher Clarke, managing partner at Inspired Evolution. “SSG’s proven business model, experienced management team, and established footprint across the Southern African region, make it an ideal investment platform for growth and impact.”
FMO, the Dutch entrepreneurial development bank, said the investment aligns with its mission to drive sustainable development through private-sector initiatives.
“We remain committed to a just and inclusive energy transition and private sector development, and are proud to once again work with trusted partners to scale impact where it’s needed most,” says Mauricio Magri, investment manager at FMO.
Swedfund, the Swedish development finance institution, echoed this sentiment.
“Access to dependable and affordable energy is essential for private sector growth, job creation, and climate resilience,” says Jonas Kolijn, senior investment manager for Energy & Climate at Swedfund. “Through this investment, we help strengthen energy security and support fossil-free economic growth in one of Africa's key economic regions.”
PRIF, which first invested in SolarSaver in 2018, realised a full exit through the transaction.
“SolarSaver has grown from a pioneering start-up into a significant regional platform delivering measurable impact,” says Michael Jacobs, investment director at Pembani Remgro Infrastructure Managers (PRIM). “We are proud to have supported that journey and are confident that the new shareholders will build on its success.”
With the backing of its new investors, SSG intends to fast-track its regional project pipeline, broaden its customer base, and deepen its contribution to Africa’s renewable-energy landscape.
“Our focus remains on delivering affordable, clean power to businesses and industries that need it most,” says David Clayton, SSG’s CEO. “With strong partners and aligned capital, we can now scale our operations and play an even more meaningful role in Africa’s energy future.”
Bravura Capital acted as the sole financial advisor to the transaction. Bowmans served as legal advisor to the sellers and founders, Cliffe Dekker Hofmeyr advised the buyers and managed competition processes, and Rand Merchant Bank provided acquisition financing.
