Adenia Partners (Adenia), a private markets investment firm committed to responsible investing and a sustainable Africa, has completed a majority investment in Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa.
The deal is the first investment from its fifth flagship fund (Adenia V) and comes at a time when South Africa’s long-running energy crisis has significantly escalated, impacting economic growth and the quality of life for millions of people. The South African Reserve Bank (SARB) has predicted 250 days of power blackout in 2023, equating to an economic loss of more than $13bn.
Enfin aims to improve affordability of and access to electricity for South Africans by backing smart businesses, farms, sectional titles, and schools who are seeking cheaper, cleaner and more sustainable energy sources that are less reliant on unreliable power from the grid. The firm funds, maintains and insures solar solutions, enabling clients to achieve their sustainability goals with no risk and no need for capital expenditure. It aims to own, build, and operate more than 100MW of solar assets over the next five years, with potential to avoid more than 200,000 metric tons of CO2 emissions per year.
Adenia V, which will exceed its $400m target fundraise, continues the firm’s long-term investment strategy of making control investments in medium-sized companies across Africa with proven business models that demonstrate ample room for operational and ESG improvements, coupled with the intentionality to generate measurable Social and Environmental Impact. A key priority for the new Fund is to drive urgent climate action across the African continent with deliberate mitigation and adaptation strategies for climate change.
