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South African renewable energy company Nesa Power Group has secured $9.1 million (R150 million) in mezzanine debt funding from Maia Capital Partners to accelerate the expansion of its commercial and industrial (C&I) renewable energy business.
The capital will be used to acquire solar photovoltaic (Solar PV) sites and grow the company’s long-term power purchase agreement (PPA) portfolio as it scales its integrated solar, storage and energy solutions across South Africa.
Established in 2020, Maia Capital Partners focuses on impact-driven private debt investments across sectors including renewable energy, affordable housing, healthcare, education and financial inclusion. The deal was funded out of the Maia Debt Impact Fund I, which provides mezzanine financing to mid-market companies across sectors including renewable energy, affordable housing, healthcare, education and financial inclusion.
Founded in 2015, Nesa has built and operated C&I renewable energy assets through strategic investment partnerships and managed funds before evolving into an integrated renewable energy services group. The company develops, designs and manages engineering, procurement and construction (EPCM) projects while also providing PPA funding, asset ownership, operations and maintenance services, and carbon credit development.
Since its inception, Nesa and its founders have built more than 46 megawatt-peak (MWp) of Solar PV generation capacity and 6.5 megawatt-hours (MWh) of battery storage. The group has also raised more than $24.37 million (R400 million) in managed funds, which have invested in and operate over 70 commercial and industrial Solar PV assets under long-term PPAs.
“We are excited to partner with Nesa on this transaction and to support their growth as they continue to build out their renewable energy platform. This investment sits at the heart of what we set out to achieve when we established our impact fund — deploying private capital to address real societal challenges,” said Tshandu Ramusetheli, CEO of Maia Capital.
He added, “Providing clean, affordable energy to South African businesses is one of our key impact and investment objectives, and it directly supports the government’s ambition to strengthen the country’s energy security through expanded private-sector generation. This partnership exemplifies our belief that impactful investments can drive both economic growth and social progress.”
Percy Ying, co-founder of Nesa Power and Group Chief Investment Officer, said the funding would strengthen the company’s ability to execute its expansion plans.
“We are thrilled to welcome Maia Capital as a long-term partner and are grateful for their confidence in Nesa’s vision and capabilities. This investment materially strengthens our ability to execute on the Group’s growth strategy — accelerating the growth of our PPA portfolio which will underpin our business going forward,” Ying said.
In the long-term, Nesa aims to provide businesses with tailored renewable energy solutions that lower electricity costs, improve energy resilience and reduce carbon emissions through on-site and off-site solar generation and battery storage. The latest funding is expected to support that ambition by expanding the company’s renewable energy asset base and strengthening its position in South Africa’s growing private energy market.
