GoSolr, a South African solar panel and battery rental company backed by Standard Bank, and African Rainbow Capital (ARC), a fully black-owned and controlled investment company led by Africa’s first black billionaire, Patrice Motsepe, have launched an ambitious R10-billion ($538.5 million) expansion plan in South Africa.
The development is consistent with GoSolar’s intentions to increase its solar-generation capacity from 70 megawatts to around 500 megawatts over the next four years. This initiative tackles South Africa’s ongoing power shortages and meets the growing demand for alternative energy alternatives.
With South Africa’s power supplier, Eskom, struggles to provide continuous electricity, South African families and companies are increasingly looking into alternate energy sources. Rooftop solar, in particular, has grown in popularity, and GoSolar plans to capitalize on this trend by providing inexpensive, smart, and secure household solar solutions.
GoSolr’s CEO, Andrew Middleton, commented on the significant investment, saying it is the largest of its kind in South Africa for the residential solar market and capitalises on the country’s power outages and rising electricity prices since 2008.
“That’s our mission,” Middleton stated during a Monday interview at GoSolr’s headquarters. “GoSolr, together with all the other companies combined, can end this crisis.”
GoSolr, founded in 2021, has been at the vanguard of making solar energy more accessible, affordable, and adaptable for everyone. In 2022, the business plans to expand its installations outside Cape Town to other major urban regions.
ARC acquired a minority share in GoSolr in July 2023, a significant step for both companies. Patrice Motsepe leads ARC, an investment holding company that focuses on spotting possibilities in South Africa’s and Africa’s financial services and other industries.
ARC was founded in 2015 as a subsidiary of Motsepe’s Ubuntu-Botho Investments, although its roots can be traced back to 2004, when it set out to build black-controlled money. The GoSolr investment demonstrates ARC’s commitment to a cleaner, more sustainable energy future for South Africa.
GoSolr intends to increase access to solar power solutions by targeting households in large cities with annual incomes of more than R360,000 ($19,304). This coincides with ARC’s aim of a greener future while adding value to its investment portfolio.
