South African Solar Startup Wetility Secures $27M to Expand Clean Energy Access

South African solar startup Wetility has secured $27 million in a structured funding agreement with alternative asset manager Jaltech.

Founded in 2019 by Vincent Maposa and Ikenna Oguguo, Wetility delivers solar and battery bundles through a subscription-based model tailored for middle-income households and small businesses. The company targets those most affected by South Africa’s persistent load shedding, customers who need reliable power but cannot afford the steep upfront costs of traditional rooftop systems.

The new funding, structured as a mix of senior and equity capital, will enable Wetility to install over 16 megawatts of new solar capacity. The goal is to provide reliable, grid-independent energy to thousands more South African homes and SMEs, a critical need amid worsening electricity supply challenges.

Known for backing over 250 commercial solar projects, Jaltech is now betting on the residential and SME sector, a segment often overlooked by traditional financiers due to perceived risks. “This isn’t our first time with Wetility, but it’s the first time we’re going all in,” said Jaltech co-founder Derrick Hyde.

The development comes a year after Wetility’s previous $48 million debt and equity round.