CDC-backed Gridworks made a106.7 million South African Rand (c.US$7.5 million) equity investment to become a shareholder in Mettle Solar Investments (“Mettle”).
The CDC investment will help to demonstrate the commercial viability of businesses like Mettle to other financiers and will help to catalyse the commercial and industrial solar market across Africa.
The investment contributes towards CDC’s commitment to support the United Nations Sustainable Development Goals 7 and 13, which aim to ensure access to affordable, reliable, clean and modern energy for all and to combat climate change. It is estimated that by 2021, Mettle will help avoid greenhouse gas emissions of up to 9 million kg of carbon dioxide equivalent annually.
Environmental and social aspects
CDC is working with Mettle to improve E&S practices across the organisation.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Debt, Direct Equity
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- November 2019
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- South Africa