South African clean energy startup Wetility has secured a R500 million ($27.7 million) structured capital deal from alternative investment manager Jaltech, in a major push to scale residential and SME access to solar power amid the country’s worsening energy crisis.
The transaction is set to fund the deployment of solar and battery storage systems to thousands of homes and small businesses, unlocking over 16 megawatts of new capacity and preventing more than 250,000 metric tons of CO₂ emissions. It represents one of the largest private solar financing rounds aimed at the consumer energy segment in South Africa to date.
Founded in Johannesburg, Wetility has emerged as one of South Africa’s fastest-growing solar-as-a-service providers, offering homeowners and SMEs bundled solar and storage solutions through a monthly subscription model. By removing up-front costs and delivering energy control through digital tools, Wetility is targeting households that have grown increasingly frustrated with unreliable grid supply and spiraling electricity prices.
“This funding unlocks the next phase of our growth,” said Dawid Swart, Wetility’s CFO. “Thousands of homeowners and SMEs want more predictability, control, and savings in the face of a volatile energy landscape. This is a strong endorsement of our model and mission, and we’re proud to partner with Jaltech to scale impact.”
The deal, structured as a combination of senior and equity capital, aligns with Wetility’s ambition to serve more than one million customers across the country in the coming years. The company’s all-in-one energy solution includes rooftop solar installations, battery storage, and software-based energy management, making it one of the few vertically integrated energy tech firms targeting the residential and SME segment.
Jaltech, the funding partner behind the deal, manages over R2 billion in assets across more than 1,300 retail investments, with a growing focus on alternative energy infrastructure. The firm has funded over 250 commercial solar installations across South Africa and is increasingly investing in ventures that traditional banks and institutions consider too risky or early-stage.
“We’ve supported Wetility with parts of its growth journey in the past,” said Derrick Hyde, co-founder and partner at Jaltech. “This time, we’re going all in. We believe Wetility has what it takes to lead a scalable shift in how South Africans power their homes.”
The funding comes against the backdrop of South Africa’s protracted energy supply crisis, marked by regular load shedding, ageing infrastructure, and a reliance on coal. The economic cost of rolling blackouts runs into the tens of billions of rand annually, and while the government has signalled support for renewable energy, delivery has been slow.
In this context, consumer-led energy independence has become a growing trend. Yet for many South Africans, the high up-front cost of solar systems remains a barrier. Wetility’s model addresses this by offering what it describes as “energy freedom as a service” — bundling the hardware, maintenance, financing, and software into a single monthly fee.
“It’s not just about electricity — it’s about trust, resilience, and self-determination,” Swart said. “Our goal is to give ordinary people the tools to manage their own power.”
Jaltech’s backing also reflects a wider investor appetite for clean infrastructure projects that can combine predictable cash flows with measurable impact.
“This deal sets the precedent for how private capital can move fast to solve urgent infrastructure gaps,” Hyde added. “The energy problem in South Africa is not going away soon. Scalable models like Wetility’s are not just optional — they’re essential.”
The two companies say this transaction could act as a blueprint for future financing rounds aimed at building a national footprint of decentralized solar energy systems. Wetility has identified a pipeline of homes and SMEs across major metros and townships, and is already seeing strong demand.
In parallel, Jaltech is exploring mechanisms to open access to such investments for a broader base of South African investors — retail and institutional — who are looking for exposure to real assets with long-term returns.
“If this is done right,” said Hyde, “solar access won’t just be for the affluent. It’ll be for anyone who wants out of the load-shedding loop.”