Maris Ltd and Nvision Ltd are pleased to announce the sale of a majority stake in Equator Energy Ltd to IBL Energy Holdings Ltd, a fully owned subsidiary of the Mauritian conglomerate, IBL Group, and STOA, an energy and infrastructure impact fund created by Caisse des Dépôts et Consignations (CDC) and Agence Française de Développement (AFD). Completion of the transaction is subject to the fulfilment of certain conditions precedent, including the obtention and satisfaction of relevant legal and regulatory requirements.
Maris launched Equator Energy, together with Nvision, in 2016 – positioning itself at the forefront of the Commercial & Industrial (C&I) solar industry in Africa. Since then, Equator Energy has grown rapidly to become a market leader within the sector, more than doubling the size of its solar portfolio each year, which currently stands at 35 MW in operation with an additional 17 MW in procurement. This exit reflects Maris’ successful strategy of making early-stage investments into ventures with scalable business models and positive impact in Africa.
“We are delighted for IBL and STOA to lead Equator Energy through its next phase of growth,” said Charlie Tryon, CEO of Maris. ”Their experience and capacity will allow the company to reach new heights and markets and cement its leading position in the C&I solar sector in Africa.”
“IBL and STOA’s expertise, capabilities, and industry experience will bolster Equator Energy’s growth trajectory.” added Sebastian Noethlichs, CEO and Founder of Equator Energy. “With their support, we will be able to deliver even more innovative solar solutions to customers in existing and new markets. Their investment is testament to their confidence in Equator’s business model, team, customers, and markets.”
“After acquisitions for our Commercial & Distribution cluster, I am glad that IBL now sees an investment in the energy sector,” said Arnaud Lagesse, Group CEO of IBL. “When we developed our strategy in 2021, we identified renewable energy as a sector presenting significant opportunities to deepen our presence in the African market. As Equator Energy provides simple and integrated solutions in emerging markets where solar energy has added value, this partnership is aligned with our aim to be a pioneer in the energy transition.”
“We are delighted to provide our support to the exceptional growth undertaken by Equator Energy,” said Marie-Laure Mazaud, CEO of STOA. “Within a few years the company has managed to build a very strong portfolio of operating assets together with an impressive pipeline of very happy customers. As an impact fund, STOA is very proud to see that our investment will provide the affordable electricity needed to continue the industrialization of our core countries of focus in sub-Saharan Africa. In addition, the renewable energy generated will help Kenya and the other countries in their goals to increase their generation capacities with clean electricity.”
Read the full press release here.