Wetility Gets $27.8M to Add 16MW Solar Capacity and Cut CO₂

Wetility Founders: Ikenna Oguguo and Vincent Maposa

South African solar-as-a-service provider Wetility has secured a ZAR500 million (US$27.8 million) structured capital partnership with Jaltech, a leading funder of solar energy projects, to help provide clean, reliable, and cost-effective solar energy to over one million homes and businesses across the country.

Launched in 2021, Wetility is South Africa’s fastest-growing solar-as-a-service provider, delivering solar and storage solutions to homeowners and businesses through its innovative all-in-one solar subscription bundles. Wetility enables customers to take control of their electricity needs, reduce their energy bills, and contribute to a more sustainable future.

Jaltech is an alternative investment fund manager with over ZAR2 billion (US$111 million) under management across more than 1,300 retail investments. The capital provided by Jaltech to Wetility will be utilised to fund solar and battery systems, enabling Wetility to add over 16 MW of solar capacity to the national distributed energy footprint, as well as avoid over 250,000 metric tons of CO₂ emissions.

“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. It’s a strong endorsement of our model and mission, and we’re proud to partner with Jaltech, which shares our long-term vision. Together, we’re driving scalable, inclusive access to clean energy, one roof at a time,” said Dawid Swart, Wetility’s CFO.

The ZAR500 million funding structure comprises a tailored blend of senior and equity capital, structured to match Wetility’s rapidly scaling operations. Jaltech, known for pioneering private market investment opportunities in sectors underserved by traditional financiers and generally inaccessible to private investors, identified Wetility as a high-impact business with strong potential to reshape South Africa’s residential and SME energy landscape.

“Over the years, Jaltech has assisted Wetility with portions of its growth plans, but we are now ready to stand firmly behind them and back their mission to deliver reliable energy to thousands of homes,” said Derrick Hyde, co-founder and partner at Jaltech.

Source: Disrupt Africa