Photo by: Bloomberg
Investment holding company African Rainbow Capital (ARC) has acquired a minority interest in GoSolr – a residential solar energy company in South Africa – for an undisclosed amount.
GoSolr was founded in 2021 and began with installations in Cape Town, rapidly expanding to other major metropolitan areas in 2022.
Its key proposition is offering solar-as-a-service with fixed monthly fees to households. Its aim is to accelerate the shift to solar energy in South Africa, which is achievable by making residential solar solutions affordable, smart and secure.
This approach is expected to make solar photovoltaic solutions more accessible and exponentially increase adoption by households, GoSolr says.
The transaction will further enable GoSolr to accelerate its operational targets to meet the increased demand for quality, affordable solar solutions.
“We have followed closely the development of ARC over the years and its commitment to fast-growing, disruptive companies and we are excited to enter into this partnership.
“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.
The acquisition is very much in line with ARC’s strategic focus, adds ARC co-CEO Johan van Zyl.
“We believe GoSolr will add significant value to the ARC Investments portfolio, as well as clients outside of the portfolio.
“To protect our environment and do business in a responsible and environment-friendly manner, we must find an alternative, sustainable energy source that reduces greenhouse gases, improves air quality and leads to a reduction in dependency on fossil fuels. We are excited to support GoSolr’s growth and help it achieve its ambitious goals. The company has a strong team with a proven record,” he comments.