Africa Clean Energy Solutions Reports $1.6 Million Loss for FY2023, Forecasts Revenue to Rise to $1.5 Million in 2024

Published On: October 16, 2023Company: Africa Clean Energy Solutions (
What is the Group's outlook for the upcoming financial year?
The Directors are optimistic about the Group's future prospects, attributing it to the strategic shift into the ground-mounted solar (GMS) space, which brings opportunities for development fees and consistent income flows.


  • The Group reported a loss of $1.6m for the financial year ending 30 June 2023.
  • Revenue of $501k was earned from rooftop solar installations, which is expected to rise to $1.5m in 2024.
  • The Group is developing ground-mounted solar projects, with forecasted revenue of $1.5m in the following year.
  • Projects in Kenya, Uganda, and Zambia in US$ currency are protected against local currency fluctuations.
  • The construction of the east-African projects is yet to commence due to ongoing permitting phase.
  • In South Africa, the Group focuses on both short-term (rooftop solar installations) and long-term (ground-mounted solar projects) strategies.
  • For 2024-2025, the short-term strategy involves processing of 15 proposals for an estimated 8MW of rooftop installations due to an increase in power demand.
  • The long-term strategy includes developing 2 ground-mounted solar projects producing 192MW DC when completed, which is phase 1 of the plan.
  • Phase 2 plans to add 3 more ground-mounted solar projects totalling 300MW.
  • Capital was raised through issuance of new shares in ACES Renewables, and there is interest from parties in equity acquisition or debt provision.

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About Africa Clean Energy Solutions (

Africa Clean Energy Solutions Limited (ACES) was incorporated in Mauritius on 8 December 2017 and holds a GBC1 license. ACES has been established with the aim of developing and operating clean energy power plants throughout Africa and to become a significant independent provider of clean energy. The goal of the company is to become a utility company in various African countries in the renewable energy field. Africa Clean Energy Solutions Limited is listed on the Stock Exchange of Mauritius.

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