Gridworks reaches financial close on investment in Mettle

Gridworks, which was set up in 2019 to develop and invest in Africa’s electricity networks, has announced the financial close of its investment in Mettle Solar Investments.

Solar company Mettle, which currently has 34 projects (28.1MW) in operation in South Africa, Namibia, Kenya and Indian Ocean islands with a further 2.3MW currently under construction, will receive ZAR106.7 million (about $7.2 million) of equity funding from Gridworks. 

The investment will also see Mettle appoint Mbuvi Ngunze as its new Chairman. Ngunze is currently a Senior Advisor to Catalyst Principal Partners and was previously the Group Managing Director and CEO of Kenya Airways.