Rinchi
TechInAfrica – A Mozambique-based pay-as-you-go (PAYG) company, SolarWorks! B.V. has just received a €2 million investment from EDP recently. The investment is directed by EDP Renováveis, an EDP Group subsidiary in collaboration with venture building firm Persistent Energy Capital LLC.
The investment aims to promote solar home systems and off-grid households and small business in rural and peri-urban areas. Moreover, it will generate the global expansion of SolarWorks! in Southern Africa which already started in 2016. It currently has already had more than 170 employees and is preparing for the expansion to Malawi.
The CEO as well as co-founder of SolarWorks!, Arnoud de Vroomen said: “The potential of the off-grid energy market in Africa is enormous. Persistent has been the ideal partner for us to build SolarWorks! to where it is today. EDPR is one of the biggest players in the world in renewable energy and we consider ourselves fortunate to welcome them as a partner with SolarWorks! and Persistent to achieve our next phase of growth.”
The partnership between SolarWorks! and Persistent Energy Capital LLC first started from 2015 and have worked together ever since. The Persistent Partner Rodrigo Weiss stated: “We are very proud of SolarWorks! and their development into the most dynamic PAYG company in Southern Africa. We are delighted that EDP Renováveis will be investing and providing their expertise to continue SolarWorks! on its successful growth trajectory.”
The CEO of EDP, António Mexia also commented on its partnership with SolarWorks!. He stated: “Over the last decade, EDP has become the world leader in renewable energy and has been actively engaged in developing solutions in this area for emerging economies, where a significant part of the rural population still lacks access to electricity. Since 2009, the Group has invested about €5 million in A2E projects, directly impacting more than 20,000 people. This commitment is also an opportunity for the Group’s internationalization strategy. SolarWorks! is a very promising company with a differentiated business model, an experienced management team, and a solid shareholder structure.”
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About Persistent Energy Capital LLC
Persistent Energy Capital LLC invests in and builds impact ventures in underserved markets. By providing deep operational and strategic support to exceptional entrepreneurs, Persistent generates attractive financial returns and creates lasting social and environmental impact. Persistent operates out of offices in Lagos, New York, and Zurich.
SolarWorks! B.V. is a Dutch company that has been active in Southern Africa for ten years, offering a range of quality solar products. Its key product line relates to Solar Home Systems (SHS) which give people access to energy for the first time in their lives and covers needs like lighting and charging mobile phones, while larger systems can offer television and refrigeration.
EDP Renováveis (Euronext: EDRP) is a world leader in the renewable energy industry and the fourth-largest global producer of wind power. The company recently defined a new strategy for its Energy Access program (A2E), creating a vision to promote sustainable energy for all and positioning as an A2E operator in emerging rural off-grid markets. Energias de Portugal, SA (EDP) – EDPR’s
