X-Solar Systems completes its first acquisition by investing in Sunplugged Energy – one of the leading solar home systems providers in Zimbabwe. The acquisition is an important step for X-Solar Systems in becoming a true Pan-African player within solar-powered home solutions.
X-Solar Systems has acquired Sunplugged Energy, one of the leading solar home systems providers in Zimbabwe. From its HQ in Harare, Sunplugged Energy provides clean energy solutions to off-grid households living in rural and peri-urban areas of Zimbabwe.
The Danish-founded cleantech company, X-Solar Systems, has gained a leading position in Kenya with its proprietary-designed solar home system. From its offices in Copenhagen and Nairobi, X-Solar Systems delivers clean energy and connectivity to rural households living without access to reliable electricity as well as solar-powered solutions for commercial and industrial (C&I) projects. By partnering with Sunplugged Energy, the X-Solar Systems Group now employs more than 150 people across Denmark, Kenya and Zimbabwe.
The acquisition of Sunplugged Energy is an important step in X-Solar Systems’ growth strategy. “In Sunplugged Energy we saw the opportunity to expand into Zimbabwe, a highly attractive and high-growing market for solar home systems and C&I, by partnering up with one of the leading players within the industry. Sunplugged Energy has been on an incredible journey in its short lifetime, and we are impressed by the dedication and ambitions of the management team” says Thomas Hansen, CEO of X-Solar Systems. “With the acquisition we are expanding our presence across Sub-Saharan Africa and growing our ability to provide affordable off-grid energy and connectivity to rural households”.
Sunplugged Energy was founded in early 2022 by CEO Fidelis Mashonga as a spin-off from a larger solar energy developer. The company quickly experienced a rapid growth due to the huge demand for reliable electricity solutions in Zimbabwe – a country where half of the population is living off-grid and the national power grid experiences outages up to 22 hours per day.
Fidelis Mashonga will continue as country manager of Zimbabwe. “It is time to take Sunplugged Energy to the next level. In X-Solar Systems, we saw the right partner who shares our values, our ambitions, and our strong focus on social impact. We will continue to provide top quality products and as part of the X-Solar Systems family, we will become even more relevant to our target customers” says Fidelis Mashonga, CEO of Sunplugged Energy.
X-Solar Systems has been assisted by Baker Tilly and DLA Piper as financial and legal advisors.