EAST AFRICA
EQUATOR
The project
STOA has teamed up with IBL Energy, a subsidiary of the Mauritius-listed IBL Group, to acquire a majority stake in Equator Energy, a leader in solar power solutions for commercial and industrial (C&I) businesses in East Africa.
This third investment in the solar C&I space further demonstrates STOA’s ability to diversify its portfolio beyond traditional energy projects, both for the competitiveness of the local economy and for future generations, and is building up on the company’s expertise gained through the Daystar Power group (exited last year) and Candi Solar transactions.
What’s at stake
Enhancing the competitiveness of East African companies
By internalizing the design, construction and maintenance of solar power plants installed on customer sites, Equator Energy enables them to make substantial savings compared to the grid prices.
In fact, Equator is able to save customers between 10% and 20% of their total electricity bill. This is obviously an important competitive factor for the companies benefiting from this offer, since the installation of the solar power plants is carried out with zero investment for the customer.
The ability to offer attractive electricity prices is particularly important in a context of rising global energy prices. In Kenya, for example, the price of grid electricity rose by 40% between July 2020 and July 2023.
Reducing greenhouse gas emissions
Equator also enables its customers to save on CO2 emissions by giving them access to clean energy.
According to estimates, the systems installed by Equator could prevent the emission of 60,000 tCO2eq per year by 2025 (based on installed capacity estimated at the end of 2024). Since its creation in 2016, Equator Energy has demonstrated strong and sustained growth, with its portfolio currently standing at 35MW of solar power capacity in operation and over 50 MW signed, with the ambition to reach 300 MW by 2030.
Expected results
- 300 MW of solar capacity deployed by 2030;
- 60,000 T CO₂-eq. avoided per year by 2025.
Quote
“We are excited that IBL and STOA are shareholders in Equator Energy. Their expertise, capabilities, and industry experience will bolster Equator Energy’s growth trajectory, whose technologies benefit the local economy while respecting future generations. With their support, we are confident in our ability to deliver even more innovative solar solutions to our existing base of over 100 customers, as well as to expand our reach to new customers in the future. This investment by IBL and STOA is a testament to their confidence in our team, our customers, and our markets, and we are honoured to have their support.”
Sebastian Noethlichs, CEO and Founder of Equator Energy.
© 2020 STOA Infra & Energy - All rights reserved.
Dernière mise à jour/Last update : 24/01/02