We are delighted to welcome Zero Point Energy as the latest development partner of Spark Energy Services, the innovative financing platform created by Camco to support energy efficiency and captive generation initiatives in Sub-Saharan Africa’s commercial and industrial (C&I) sector.
Zero Point Energy is a Johannesburg-based sustainable energy company serving the C&I, residential, agricultural and public sectors across Southern African. It specialises in bespoke design and consulting engineering as well as turn-key EPC solutions for renewable energy, energy storage and energy efficiency technologies, providing both grid-tied and off-grid power solutions to its clients.
In what is a first for Camco, the agreement with Zero Point Energy has been structured in line with several Islamic Shariah finance principles, meaning that the facility provided is priced at a fixed fee over a set tenor. The cashflows that will service this facility will be through the electricity sales from captive solar plants installed and signed power purchase agreements.
Zero Point Energy becomes Spark’s sixth official development partner and is now eligible to receive up to 100% upfront financing for the installation and maintenance of on-site renewable energy and energy efficiency equipment for its C&I clients. The company will also get access to the tools, contracts and (where relevant) training required to enable these projects to get built through partnering with Camco-managed Spark.
Camco’s Adam Fitzwilliam, CFA, who heads up Spark, said: “Zero Point Energy’s focus on holistic energy management solutions across both energy efficiency and renewable energy technologies makes the company a great fit with Spark, and with Spark’s funding it will be able to scale up its delivery of high-quality systems for clients.”
He added: “Investing in a company that is mindful of its own obligations to ensure that the business is run in accordance with its owners’ Islamic beliefs brought about a new challenge which Camco needed to rise up to. We were delighted to have been able to work with Zero Point Energy to design a financing structure that aims to meet Shariah financing principles and enables our companies to prosper from a strong and mutually respectful working relationship.”
Muhammad Taher Khan, Director at Zero Point Energy, said: “Being able to explore various funding mechanisms with Camco and then eventually being able to discuss and agree on a funding model that adheres to Shariah principles speaks volumes of the commitment and support that Camco is willing to undertake to support their development partners. This instils a great sense of confidence and trust in our partnership and one that I’m excited to continue building on.”
Zero Point Energy is the second South Africa-based company to become a Spark development partner in a fortnight, following the signing of sustainable energy specialists Renen Energy Solutions (Pty) Ltd last week. ► If you are a developer or investor and want to know more about Spark and how we could work with you, then please visit the Spark website at https://spark.energy and get in touch.