Market Development
GET.invest Finance Readiness Support (FRS)
GreenMax delivers investment readiness and technical assistance to early-stage distributed renewable energy companies in Africa under the GET.invest Finance Readiness Support program.
Duration
Sep 2021 - Present
Project Series
GET.invest
Service Areas
Developer Transaction Advisory and Technical Assistance
Countries
Benin, Cameroon, Malawi, Mozambique, Nigeria, Tanzania
GreenMax delivers investment readiness and technical assistance to early-stage distributed renewable energy companies in Africa under the GET.invest Finance Readiness Support program.
In 2021 GreenMax was selected to deliver technical assistance under the initial phase of the GET.invest Finance Readiness Support (FRS) activity. The FRS activity offers technical assistance for early-stage distributed renewable energy companies in Africa to help get them to the point where they may be considered strong candidates for external financing. FRS client companies are eligible for support in the following areas: (i) financial management (accounting, cash flow management, etc.); (ii) identification of potential financiers/investment facilitation services; (iii) operational management and strategic planning; and (iv) KPIs and business analytics.
Under the initial phase of the program (2021–2023), our team provided technical assistance to client companies in Cameroon, Malawi, Mozambique and Nigeria, ultimately supporting the capital restructuring of two mini-grid developers in Nigeria and Cameroon.
ICE Commercial Power
Established in 2017, is a technology social enterprise providing access to clean energy to clusters of MSMEs in underserved communities in Nigeria. To date, the company has deployed 20 distributed solar systems (100-kWp) via an energy-as-a-service model serving 160 MSMEs, with an existing pipeline of 500 sites. GreenMax has been supporting ICE Commercial Power since 2022 with financial modeling, project document preparation, deal structuring, and investment facilitation services.
REIC
Operating since 2010, deploys solar hybrid mini-grids in rural off-grid villages in Cameroon. REIC currently has eight operational mini-grids serving 4,200 homes and businesses and has a pipeline of 145 mini-grid projects with a combined capacity of 8.6 MWp which will provide access to about 490,000 people. GreenMax has been supporting REIC since 2022 with legal advisory services, strategic planning, deal structuring and investment facilitation services.
In 2023, GreenMax was subsequently retained by GET.invest to support implementation of the second phase of the FRS program (2023–2025). Under this phase, GreenMax is delivering investment readiness and TA services to client companies in Benin, Nigeria and Tanzania, including mini-grid developers and e-mobility companies.
ZED Motors
Founded in 2022, is an e-mobility company that assembles and deploys e-motorcycles and offers battery-as-a-service (BaaS) to motorcycle taxi and delivery service riders in Benin. ZED has deployed 160 e-motorcycles and two swapping stations and aims to deploy 35,000 electric motorcycles and a network of 880 battery swapping stations across Benin over the next five years. The GreenMax team is advising ZED on its business model, developing a comprehensive business strategy, preparing a pitch deck and providing additional investment facilitation services.
Saf-Aga Renewable Energy
Founded in 2022, deploys mini-grids, C&I solar and PUE equipment in underserved and unserved communities across Nigeria. To date, the company has deployed 1 mini-grid and 46 agro-processing PUE storage systems, and currently has a pipeline of 40 mini-grid projects and 5 C&I solar projects at various stages of development. Saf-Aga is currently seeking funding to cover project preparation and implementation costs for its project pipeline. The GreenMax team is supporting the company’s due diligence efforts and providing additional investment facilitation services.
AG Energies
Founded in 2015, has built a solar EPC business deploying C&I solar systems, and distributing solar products and energy-efficient PUE appliances to both urban and rural customers in Tanzania. The company has experienced rapid growth, having successfully deployed over 15 MWp of solar capacity to date, and plans to expand into e-mobility with the aim of deploying 8,000 electric two- and three-wheelers and a network of battery swapping stations by 2030.