Nesa Power Group, a South Africa-based commercial and industrial renewable energy company, has secured R150 million (~$9 million) in mezzanine debt funding from Maia Capital Partners. Covington & Burling acted as legal counsel to Maia Capital Partners on the transaction.

Nesa develops integrated renewable energy solutions for commercial and industrial customers, including solar generation and battery storage under long-term power purchase agreements (PPAs).

According to the company, it provides on-site and off-site renewable energy generation and storage solutions designed to reduce electricity costs, improve energy reliability, and lower carbon emissions for businesses.

The funding will be used as growth capital to acquire solar photovoltaic (PV) assets and expand the company’s portfolio of long-term power purchase agreements.

Percy Ying, Co-Founder of Nesa Power and Group Chief Investment Officer, commented, “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. The investment will also facilitate meaningful job creation and contribute positively to the broader South African economy, an outcome we are deeply committed to. We extend our gratitude to Maia Capital, our clients and stakeholders, as well as our valued management team for their unwavering belief in Nesa’s potential.”

According to the company, it has developed and built more than 46 MW of solar capacity and 6.5 MWh of battery storage since its inception. It has also raised more than R400 million (~$24 million) through managed funds, which have invested in and operate more than 70 commercial and industrial solar PV assets under PPA structures.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, debt financing for the solar sector reached $8.9 billion across 28 deals, a 154% increase compared to the $3.5 billion secured in 23 deals in Q1 2025. On a QoQ basis, debt funding rose 162% from $3.4 billion across 20 deals in Q4 2025.

In March, GS Power Partners, an independent power producer and solar project developer backed by CVC DIF, closed a $250 million debt facility. Deutsche Bank acted as lead lender and arranger and is responsible for syndicating the transaction. Deutsche Bank Trust Company Americas served as the administrative agent, and Wilmington Trust served as the collateral agent.