Gogla, the global association for off-grid solar energy, opens submissions for African solar businesses in its Elevate investor preparation program’s second batch.
“ELEVATE is a pilot investment readiness programme under the GET. Invest Finance Readiness Support to enhance investment readiness for active locally owned and managed companies in the off-grid solar sector in Africa by offering and complementing a specialized suite of technical expertise that will accelerate the companies’ path to scale to rural homes and businesses with life-changing solar electricity,” according to Gogla.
The European Union, Germany, Sweden, the Netherlands, and Austria promote renewable energy investments through GET. Invest Finance Readiness promotion, which includes Elevate.
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The fastest and cheapest way to electrify 55% of Sub-Saharan Africa’s 600 million unconnected people is off-grid solar, says Gogla. Most of Africa lacks energy, yet off-grid solar companies struggle to raise funds for growth and customer support. Growth strategy, product enhancement, business and management operations, innovation, and scalability are covered in Elevate’s bespoke virtual training.
Participants will receive an investor guide, funding opportunities, and Bridge Live webinars that connect off-grid solar industry leaders with peers and strategic advisors in a 12-month programme that ends on November 19. Startups will receive two years of discounted GOGLA membership and access to investor-focused events like the 2024 Africa Energy Indaba and global off-grid solar forum.
A 12-month programme that ends on November 19 will provide participants with an investor guide, funding opportunities, and Bridge Live webinars that connect off-grid solar industry leaders with peers and strategic advisors. GOGLA membership will be subsidized for two years, and startups will have access to investor-focused events, including the 2024 Africa Energy Indaba and 2024 Global Off-Grid Solar Forum.
Eligibility Criteria
The company must be privately owned, registered, and in Africa.
There must be at least 51% African ownership and a majority of African management in the nation of incorporation.
A business strategy that provides off-grid solar (OGS) products or services for households, businesses, and smallholder farmers is required.
In Africa, the company must have successfully marketed and sold OGS products or services for three years and generated money for two.
The company must not have obtained GET.invest Finance Readiness Support technical help.
Gogla says the 20 companies chosen for the first Elevate competition came from East, Central, South, and West Africa, with many women among them. The companies offered various technologies, such as solar home systems commercial, industrial, and farming solutions.
The report says that since entering the programme, about 90% of companies have consistently met their business goals, and 60% have successfully built a pipeline of high-potential investors and are very likely to close investment deals.
Visit the website for more information on how to apply and what to do to be eligible. Use this link to apply for the Elevate programme.