Investment holding company African Rainbow Capital (ARC) has acquired a minority stake in GoSolr,a South African residential solar energy company for an undisclosed amount.
Founded in 2021,GoSolr provides standardised rooftop solar solutions to households at an affordable fixed monthly subscription.
GoSolr CEO Andrew Middleton said,“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,” he added.
GoSlow which began installations in Cape Town, has since scaled to other major metropolitan areas and is currently looking to accelerate the shift to solar energy in South Africa, which is achievable by making residential solar solutions affordable, smart and secure.
Rooftop solar power system,is a photovoltaic (PV) system that has its electricity-generating solar panels mounted on the rooftop of a residential or commercial building or structure.
The system is currently a popular choice for households due to its low maintenance requirements, durable components with extended lifespans, and the prospect of reduced energy costs over time.
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 said.
