On Thursday, South African solar-as-a-service provider Wetility announced a ZAR500 million (US$27.8 million) financing collaboration with Jaltech to expedite solar energy availability for over one million homes and businesses.
With this funding, Wetility will be able to install over 16 MW of solar capacity, thereby substantially enhancing the country’s distributed solar footprint and reducing carbon emissions by more than 250,000 metric tonnes.
Wetility, established in 2021, allows customers to manage their electricity requirements and reduce energy expenses through its innovative solar and battery subscription bundles.
The company’s CFO, Dawid Swart, said, “This funding unlocks the next phase of our growth, empowering thousands of homeowners and SMEs who want more predictability, control, and savings in the face of a volatile energy landscape”.
The partnership with Jaltech, a fund manager with over ZAR2 billion under management, is designed to match Wetility’s rapid expansion and operational scaling.
How Wetility’s Solar Subscription Model Is Changing Energy Access
Wetility’s all-in-one solar subscription bundles provide homeowners and small businesses affordable solar power solutions, including inverters and batteries tailored to different electricity needs. Their offerings range from basic 5kW inverter systems to larger 12kW setups, making solar accessible even for those with varying energy bills.
Through this model, consumers avoid the upfront costs of solar installations by paying monthly fees that include AI-powered energy management features.
Jaltech’s co-founder, Derrick Hyde, emphasised the importance of this partnership: “We are now ready to stand firmly behind them and back their mission to deliver reliable energy to thousands of homes”. By delivering options that are both clean and dependable, the cooperation intends to address the current energy difficulties that South Africa is facing, such as load-shedding and power interruptions.
This deal is expected to serve as a blueprint for future funding rounds, supporting Wetility’s goal to scale solar access nationwide and improve energy resilience for both residential and SME sectors. As South Africa faces pressing energy supply issues, Wetility’s growth, backed by Jaltech’s investment, marks a pivotal step in expanding sustainable energy solutions nationwide.