GreenFin expands its clean energy business
Perhaps no other continent has witnessed the same excitement in terms of opportunities for renewable power, especially solar as Africa. In East Africa, innovators have used the technology to bring power to off grid locations. South Africa has been better known for utility scale renewable projects and several bid rounds dating back to 1988.
However, South Africa has a growing grid-tie market for renewable energy and is making a significant impact on climate change abatement. This is where “on-grid” customers invest in solar technology to supplement grid power, e.g. roof top solar at shopping malls.
GreenFin Financial Services, a Cape Town based financial institution continues to invest in the clean energy sector among others. GreenFin provides funding for the installation of alternative energy solutions to individuals and SMEs. This includes installation of PV solar systems, wind turbines, solar geysers and a variety of other products that have a positive impact on the environment. GreenFin works in partnership with trusted suppliers and installers of green and clean energy products. GreenFin is launching a new solar lease product as an alternative to its loan product.
GreenFin has a balance sheet size of ZAR 13.8 M (approx. USD 1.0 M) as of December 2016.
Verdant Capital is currently raising debt and potentially equity financing to support the expansion of GreenFin’s solar loan and lease book.