R150 million growth capital: Maia Capital and Nesa Power

A few weeks ago, Maia Capital Partners announced that they are providing Nesa Power with R150 million in mezzanine debt funding. It’s the kind of headline that’s easy to post about and harder to explain. So here’s the fuller story, and more importantly, what it means for the businesses we work with.

A decade of building, funded differently

For over a decade, Nesa Power has funded and built solar and storage assets for South African businesses under long-term Power Purchase Agreements (PPAs). Since inception, that work has delivered more than 52 megawatt-peak (MWp) of solar PV generation capacity and 8.5 megawatt-hours (MWh) of battery storage. Through our managed funds, we’ve raised more than R400 million supporting over 70 C&I solar assets currently operating under long-term PPAs.

Getting there took multiple capital raises from investors over many years, project by project, fund by fund. That approach worked, but it also meant growth was tied to the pace of each new raise.

The Maia Capital facility changes that. It gives Nesa a stable, single platform to fund growth from, rather than starting a new conversation with investors every time the pipeline grows.

Why now

Nesa’s strategy has always been built around being a true partner to clients: owning and operating the energy assets we build for them, rather than handing over a system and stepping back. That model depends on having the capital to keep bringing new assets onto our own balance sheet.

At the same time, South Africa’s national grid is opening up to services like virtual wheeling and energy trading. That shift creates real opportunity for C&I businesses, but only for providers with the capital to build those services properly. This facility lets Nesa scale into that opportunity now, rather than waiting.

What this changes operationally

Three things shift because of this facility:

More assets move onto our own balance sheet. Rather than developing projects primarily through managed funds, Nesa can now bring more solar PV and storage assets directly onto its own books. That means Nesa carries more of the long-term performance risk alongside its clients, rather than a fund carrying it on Nesa’s behalf. It’s a meaningful shift from service provider to true partner, with skin in the game.
New grid services become buildable, not theoretical. Virtual wheeling and energy trading have been part of the conversation in South Africa’s energy sector for some time. This funding gives Nesa the capital to build and offer these services to clients directly, rather than simply monitoring how the market develops.
Projects reach financial close faster. A stronger balance sheet means less time spent structuring individual funding rounds for each new project. In practice, that means clients move from proposal to delivery more quickly, and start seeing savings and energy security sooner.

Why Maia Capital

Nesa didn’t take on funding from the first available source. Maia Capital’s own mandate is to invest in opportunities that create positive impact for South Africa, alongside a solid financial return. That’s a close match with what Nesa has built: a model where clients get reliable energy and real cost savings, and where every project also supports jobs and investment in the local economy.

According to Maia, the investment reflects their broader mission of directing private capital toward South Africa’s real infrastructure needs, with clean, affordable energy for businesses named as one of their key focus areas. That alignment, on both the commercial and the impact side, is what made this the right partnership rather than simply an available one.

What it means for clients

If you’re an existing or prospective Nesa client, here’s the practical takeaway: this facility is a vote of confidence, from a partner that did its homework, in the model we’ve built with clients in mind.

It means Nesa can move faster. More projects can reach financial close sooner, deploy sooner, and start delivering savings and energy security to businesses on a shorter timeline than before.

The bigger picture

At its core, this is about extending reliable energy, real cost savings, and a cleaner footprint to more South African businesses, without the complexity or capital burden of owning that infrastructure themselves. This funding lets Nesa bring that value to more clients, faster: more farms and businesses running on energy assets that Nesa has funded, built, and operates on their behalf, so their own capital stays in their operations.

Every business that becomes more energy secure and more competitive adds to a stronger South African economy, one that supports growth and job creation more broadly. That’s the vision this funding supports, and one Nesa intends to keep delivering on, one customer at a time.

As Mike Bleyenheuft, Co-Founder and MD of Nesa Power, put it: “When a partner who believes in doing good meets a team built to deliver it, energy becomes more than power. It becomes progress.”

Want to understand what this means for your business? Get in touch with our team to talk through your energy strategy.