On the sidelines of its Africa Regional Committee Meeting, the International Solar Alliance (ISA) conducted its first investor pitch session for the SolarX Startup Challenge 2023 winners. This initiative aims to provide a robust platform for the SolarX 2023 winners to showcase their innovative ideas to pioneering investors from the continent. The pitch session featured investors from Africa’s solar and climate change space. The session witnessed dynamic innovators delivering compelling pitches to get investments from trailblazing investors.
Isaac Asomani, Chief Investment Officer, Wangara Green Ventures, said, “These startups are leading the way in solar innovations, championing the fight against climate change, enhancing climate resilience and adaptation, and engaging numerous businesses. NorthLite Solar, for instance, is using solar systems to provide irrigation in northern regions, positively impacting businesses at the bottom of the pyramid. I hope to include several other exciting ventures in my investment pipeline soon. It’s been an exhilarating journey. I’ve also connected with other investors interested in financing the next wave of solar projects, with co-investments being a key focus.”
Prof. Robinah K. Nanyunja, Founder and Chairperson of Pilot International, shared her experience and said, “I’ve been delighted to be one of the investors listening to the SolarX Startup projects. It has been a wonderful experience hearing about the various project ideas and innovations from across Africa. All these ideas are remarkable, addressing Africa’s needs in the solar sector and striving to increase access to solar power solutions.” Expressing her appreciation, she added, “The startups’ presentations covered a range of impressive solutions, from distribution to mini-grids, solar water pumping, and cooling solutions. I must say that a couple of them stood out, with some scaling their operations and distributions. This is a positive sign, indicating increased consumption and the creation of green jobs for the citizens of Africa, which is truly wonderful. I’m looking forward to continuing these conversations and working together to connect these startups with further networking opportunities to help them achieve their objectives.”
The Solar X StartUp Challenge was launched at COP27 in Sharm El Sheikh to highlight innovative solutions in the solar energy sector from the ISA Member Countries in Africa. The challenge recognised the potential for technological innovation in the solar industry, drawing significant attention from entrepreneurs and investors alike.
“Out of a competitive pool of 180 applicants from ISA Member Countries, 20 start-ups were shortlisted through a rigorous selection process. Notably, seven of these innovative ventures were led by women, underscoring the growing role of women entrepreneurs in the clean energy sector. Their participation in the Solar X StartUp Challenge is a testament to the empowerment and inspiration they bring to the industry.” Noted Dr Ajay Mathur, Director General, ISA. Expressing his appreciation for the potential of the winning startups, he added, “I look upon them as the Amazons of tomorrow.”
The selected start-ups were awarded a $15,000 cash prize, market access, brand-building workshops, and a year-long accelerator programme to foster growth and scalability.
Today, the first private sector investor pitch session was held in Abidjan, where seven out of the 20 shortlisted startups presented their ideas to six prominent investors. The session was a resounding success, with four startups generating significant investor interest. This interest paves the way for potential funding opportunities, sparking excitement and hope for the future of the Solar X StartUp Challenge.
“We are grateful for the support from African countries, who were instrumental in making today’s event a success,” said the organisers. “The enthusiasm and commitment shown by investors and participants alike demonstrate the strong potential for growth and innovation in the solar energy sector in this Region.”
The session was hosted in collaboration with Intellecap, who moderated and facilitated effective discussions between enterprises and investors. Intellecap has been working with the SolarX Africa winners to build their business, financial, and communications capacity.
About the International Solar Alliance
The International Solar Alliance is an international organisation with 119 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$ 1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the Agriculture, Health, Transport and Power Generation sectors. ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
