South African solar subscription company Wetility has announced the closing of a ZAR500 million (approximately US$27.8 million) structured funding deal with Jaltech, one of the country’s leading alternative investment managers. This significant capital injection aims to accelerate Wetility’s mission to deliver reliable solar power and battery systems to over a million homes and small businesses across South Africa, addressing critical energy challenges faced by many in the country.
Founded in 2021, Wetility offers innovative solar-as-a-service products that combine solar generation, battery storage, and system management into flexible subscription packages for both residential users and small enterprises. Given the high energy costs and persistent load shedding in South Africa, Wetility’s approach provides customers with greater energy stability and greater control over their electricity supply, helping them reduce dependence on an unreliable grid.
The newly secured funding will be used to deploy over 16 MW of solar capacity, which is projected to help prevent more than 250,000 metric tons of CO₂ emissions. This aligns with South Africa’s broader sustainability goals while enabling customers to achieve substantial energy savings. Jaltech structured the investment as a combination of senior and equity funding to match Wetility’s current growth stage. With over ZAR2 billion (US$111 million) assets under management across various sectors, Jaltech has previously supported Wetility in a limited capacity. Still, this latest deal marks a significant step in scaling its commitment to the company’s expansion plans.
Leadership at Wetility views this partnership as pivotal in reaching larger markets, especially given the challenge many South African households and SMEs face in accessing a consistent energy supply. CFO Dawid Swart highlighted the importance of predictable costs and reliable power, particularly for homeowners and small businesses operating within a strained national grid environment. Jaltech’s co-founder, Derrick Hyde, remarked that Wetility’s unique ability to serve a large segment of underserved households with affordable, reliable solar solutions aligns well with its investment strategy of supporting impactful, underfinanced sectors.
In a country where energy insecurity hampers economic growth and quality of life, Wetility’s progress demonstrates how innovative financing models and tailored product offerings can expand clean energy access at scale. It also underscores how structured capital can be effectively deployed to meet infrastructure needs and consumer demand without relying solely on government or utility-led initiatives. The partnership highlights a growing trend of private sector-led solutions addressing Africa’s energy challenges, paving the way for sustainable and inclusive development.
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