GoSolr, a company backed by South African billionaire Patrice Motsepe and Standard Bank, is gearing up to invest R10 billion in a groundbreaking initiative to rent solar panels and batteries to homes across the nation, offering a solution to the persistent issue of blackouts.
Andrew Middleton, the CEO of GoSolr, revealed that the two-and-a-half-year-old company aims to ramp up its solar-generation capacity from the current 70 megawatts to a staggering 500 megawatts over the next four years. With investment and financing secured from Motsepe’s African Rainbow Capital Investments and Standard Bank, GoSolr is poised to spearhead a transformation in the South African energy landscape.
Amidst a backdrop of frequent power cuts and soaring electricity prices since 2008, GoSolr’s innovative approach capitalizes on the surging demand for reliable and sustainable energy alternatives. The company stands out as a pioneer in the field, aiming to address the pressing energy crisis that has gripped the nation.
Rooftop solar installations in South Africa have witnessed a remarkable surge, doubling to 5,440 megawatts within a year, with a significant portion deployed in residential properties. Middleton emphasized that GoSolr’s mission aligns with meeting this growing demand, with the ambition to alleviate the energy crisis through widespread adoption of solar power.
Middleton outlined GoSolr’s funding strategy, highlighting plans to secure additional capital through a combination of debt and equity. Existing shareholders, including Motsepe’s ARC and Standard Bank, are expected to play a pivotal role in supporting GoSolr’s expansion initiatives.
GoSolr’s subscription-based model offers a competitive alternative to traditional rent-to-buy operators and self-funded installations, making solar energy accessible to a broader segment of the population. While South Africa boasts abundant solar potential, only a fraction of households currently utilize solar technology, lagging behind countries like Australia, the UK, and the US.
Despite the country’s heavy reliance on coal for energy production, solar energy presents a sustainable alternative with minimal environmental impact. However, affordability remains a key barrier to adoption for many South Africans.
GoSolr targets households with higher income brackets initially but aims to extend its reach to a broader market segment in the future. With electricity costs soaring and power outages becoming increasingly frequent, solar solutions offer tangible benefits to consumers, promising substantial savings over time.
