Last week EDP invested €2 million in SolarWorks! B.V., a leading pay-as-you-go (PAYG) company based in Mozambique. The investment is the result of a round of financing led by EDP Renováveis (an EDP Group subsidiary) in partnership with venture building firm Persistent Energy Capital LLC.
The investment will boost the international expansion of SolarWorks! in Southern Africa, where the company has been operating a PAYG businesss since 2016. As a PAYG business, SolarWorks! sells solar home systems and related products to off-grid households and small businesses in rural and peri-urban areas. With over 170 employees, SolarWorks! is currently preparing to expand from Mozambique to Malawi.
Arnoud de Vroomen, CEO and co-founder of SolarWorks! stated “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.”
SolarWorks and Persistent began their partnership in 2015 and have worked hand in hand ever since. Persistent Partner Rodrigo Weiss said “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.”
“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”, says António Mexia, CEO of EDP.
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 environment 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 main shareholder - is a global energy company and a leader in value creation, innovation, and sustainability.