AFRICA: Persistent raises $10m to finance climate projects

Venture capital firm Persistent Energy Capital is raising $10 million to finance climate-friendly projects in Africa. The funds are provided by Japanese investor Kyuden International Corporation.

Persistent Energy Capital secures funding to continue its impact investments in Africa. The funding is $10 million in a Series C round of financing. Kyuden International Corporation, the foreign trade arm of Japan’s Kyushu Electric Power Group, is the lead investor in the round. The Fukuoka, Japan-based company now has a seat on the Board of Directors of Persistent Energy Capital.

“The investment in Persistent is a strategic move for Kyuden to expand its overseas business with an established partner in Africa, where demand for clean energy and electric mobility is growing dramatically,” the venture capital firm said. Persistent Energy Capital was supported in this transaction by FSD Africa Investments (FSDAi), the investment arm of FSD Africa.

“With the combination of Persistent’s capabilities and FSDAi’s expertise, the focus will be on green financing,” promises Anne-Marie Chidzero, FSDAi’s investment director. With this financing, Persistent intends to accelerate the financing of companies and climate projects in Africa.

In recent years, the company has increased its investments in renewable energies, particularly solar photovoltaic, which accelerates electrification south of the Sahara. For example, Persistent has invested in solar home systems provider Oolu for rural electrification in Senegal, Mali, Burkina Faso and Nigeria. The investment company is also one of the main financial partners of Daystar Power, which supplies solar photovoltaic energy to Nigerian businesses. Persistant, which now wants to diversify its sectors of intervention, has entered into a partnership with SolarTaxi, which offers its solutions in Ghana.

Jean Marie Takouleu  | https://www.afrik21.africa/