Cicada Solar, a leading provider of renewable energy solutions in Zimbabwe, secured a significant boost to its operations with a US$10 million long term financing from Facility for Energy Inclusion (FEI).
This strategic partnership will enable Cicada Solar to expand its offerings.
The partnership will strengthen the market with Cicada’s strong local expertise and focus on customer needs will be further reinforced, solidifying its competitive advantage.
In a statement, Cicada Solar said it is dedicated to providing businesses in Zimbabwe with a more affordable and reliable source of energy.
The company offers a sustainable alternative to traditional power sources by leveraging solar and solar hybrid solutions.
Cicada Solar’s deep understanding of the local market and its long-standing commitment to Zimbabwe gives it a unique advantage.
Carmen de Castro, Managing Director and FEI Fund Lead at Cygnum Capital said FEI has once again solidified its position as a frontrunner in Africa’s commercial and industrial (C&I) energy sector.
This achievement underscores the Fund’s commitment to supporting sustainable development in frontier economies like Zimbabwe, where access to reliable and affordable energy is often limited.
“Further demonstrating its leading role in the C&I sector in Africa, the Facility for Energy Inclusion has been able to leverage its experience to deliver this milestone transaction in Zimbabwe. This achievement highlights the Fund’s capability to invest in frontier markets with limited access to long-term infrastructure financing, such as Zimbabwe. We look forward to continuing to support Cicada Solar as it scales up,”said Carmen de Castro.
Jonathan Wood, Managing Director at Cicada Solar highlighted the significance of this collaboration in reducing energy costs for commercial and industrial clients in Zimbabwe.
He emphasized the critical role of sustainable and affordable power in supporting the country’s ongoing economic growth.
“We are delighted to conclude this long-term facility with FEI, which will enhance our drive to reduce the cost of energy for our commercial and industrial clients. Zimbabwe’s current growth trajectory needs to be underpinned by sustainable and affordable power and Cicada Solar intends to play a meaningful role in this area. To have FEI, with its sizeable funder base, together with our local funding partner, NMB Bank, join forces with us is most encouraging,” said Wood.
The funding of Cicada solar was supported by FEI’s Project Preparation Facility (“PPF”), funded by the Global Environment Facility, through the AfDB, signed on the advisory of Burges Salmon (legal), Afry (technical) and IBIS Environmental Social Consulting Europe (E&S).
