- Patrice Motsepe’s African Rainbow Capital (ARC) has acquired a minority interest in GoSolr for an undisclosed amount.
- Standard Bank has also recently partnered with GoSolr who offer a all-in-one monthly solar subscription which offers the benefits of a full hybrid home solar system without upfront costs to homeowners.
- The monthly subscription can be offset by savings made by the system on the household energy bill from the get go.
Standard Bank initially provided funding for GoSolr’s proof of concept rollout, which enabled the company to be a first mover in the household solar PV market with the subscription model.
Following the early success of the business model, the bank has provided GoSolr with an upsized funding package as well as equity for its growth capital requirements due to increasing product demand. The added benefit of this investment is the opportunity for GoSolr to significantly expand its growing market share.
“The key value we see ARC offering GoSolr is its strong balance sheet that will further enable us to fund our ambitious future growth opportunities. This, together with ARC’s impressive network of corporate opportunities and solid broad-based empowerment credentials, makes it a partnership we are very excited about,” says GoSolr CEO Andrew Middleton.
Author: Bryan Groenendaal
