ElectriFI, a EU backed fund that specializes in the electrification and the access to electricity has signed a $4m debt facility with SolarWorks!, a leading Pay-As-You-Go (PAYG) solar home system and energy services provider in Southern Africa.
After a successful equity round with strategic partners in 2018 (Persistent Capital and the Portuguese energy utility company EDP) and a debt funding round earlier this year (SunFunder), SolarWorks! and ElectriFI have joined forces as well, preparing SolarWorks! for even faster expansion.
SunFunder, a solar finance company providing debt capital to solar enterprises in emerging markets, closed a $2m debt facility with SolarWorks!, a leading Pay-As-You-Go (PAYG) solar home system and energy services provider in Southern Africa.
They expect the financing to directly impact the lives of 65,000 people with improved energy access and in the process displace at least 26 tonnes of CO2 emissions.
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.
Thursday the 24th of November was a fantastic day! The Dutch Ambassador Pascalle Grotenhuis opened our new flagship store in Matola. We will work together with the Director of Energy for Maputo Province to provide solar energy solutions to both urban and rural Mozambique. We will do this via PAYGO so people only have to pay for the energy the need. People can read, watch TV and charge their phones with the use of our PowerBox – all with affordable, reliable and sustainable energy!
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