Swiss investor in recap deal

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A Switzerland-based investor has backed a deal to recapitalise its Africa-focused energy portfolio company.

Persistent Energy Capital has backed the $7.3 million recapitalisation SolarWorks!, structured as a mixture of $5.3 million equity and $2 million debt.

The deal includes debt conversion to equity, and the write-off and extension of maturity of a total of $8.5 million of SolarWorks!’s debt.

Investors in the equity tranche include Persistent and Portugal-based energy company, Energias de Portugal (EDP), which is backing the deal as a strategic player. Persistent and EDP are both backing SolarWorks! As existing investors.

The transaction is leveraged by $2 million debt from Social Investment Managers & Advisors (SIMA) Funds. SIMA Funds is backing the company as a new player.

SIMA Funds is structuring the deal through the Energy Access Relief Fund (EARF), which is targeting $84 million at final close.

“SolarWorks! is a great company that has suffered setbacks out of its control since 2019.  The recapitalization was a necessary solution to restore its health and preserve maximum value for all investors and the communities it serves,’’ said Chris Aidun, co-founder and partner at Persistent. ‘’All stakeholders recognized this, which is what made the recapitalization possible.  The company is now in a position where it can grow and expand its footprint across Southern Africa.”

Persistent Energy first backed SolarWorks! In 2018, investing in the company alongside EDP.

Headquartered in Netherlands, Rotterdam, SolarWorks! manufactures and distributes solar products for consumers across Southern Africa.

Deal Card

Deal Name SolarWorks! (2023)
PE Investors in Deal Persistent
Other Investors EDP
Deal Month May
Deal Year 2023
Deal Data ID Available shortly
Portfolio Company Name SolarWorks!
Primary Sector Energy
Sub-Sectors Renewable energy
Country Headquarters Netherlands
Debt Investors SIMA Funds
Investing Fund(s) Energy Access Relief Fund (EARF)
Individual Investors n/d
Investor Amounts EDP (n/d), Persistent (n/d), SIMA Funds ($2m)
Region Southern Africa
Deal Size (Base Currency) $7.3m
Deal Size (cUSD) $7.3m
Deal Class Small-Cap (Less than $20m)
Deal Stage Growth-Stage/Expansion
Deal Structure Debt to Equity Conversion
Aggregate Stake Size n/d
Seller Type(s) n/d
Sellers & Stakes n/d
Use of Funds Write-off and extension of maturity of a total of $8.5 million of SolarWorks!’s debt.
Expansion Plans n/d
Key People in Deal Martim Salgado, Head of Social Impact Coordination Office (EDP), Chris Aidun, Co-Founder and Partner (Persistent)
Deal Advisors Bespoke request
Previous PE Deals Bespoke request
Deal Advisory Details Bespoke request
Data Status Submitted


Source: Deal Book Africa


Metier co-invests with LP