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 has embarked on an ambitious R10-billion ($538.5 million) expansion plan in South Africa.
The expansion aligns with GoSolar’s plans to ramp up its solar-generation capacity from the present 70 megawatts to about 500 megawatts over the next four years. This move addresses South Africa’s persistent power outages and caters to the rising demand for alternative energy solutions.
With South Africa’s power utility, Eskom, struggling to provide a consistent electricity supply, South African households and businesses are increasingly exploring alternative energy solutions. Rooftop solar, in particular, has gained popularity, and GoSolar intends to capitalize on this opportunity by offering affordable, smart, and secure residential solar solutions.
Record investment to capitalize on growing demand
Commenting on the substantial investment, Andrew Middleton, GoSolr’s CEO, said it’s the biggest of its kind in South Africa for the residential solar sector and capitalizes on the power cuts and surging electricity prices that have plagued the country since 2008.
“That’s our mission,” Middleton said in a Monday interview at GoSolr’s head office. “GoSolr, together with all the other companies combined, can end this crisis.”
Founded in 2021, GoSolr has been at the forefront of making solar energy accessible, affordable, and flexible for all. In 2022, the company expanded its installations from Cape Town to other major metropolitan areas.
ARC’s strategic investment in GoSolr
ARC took a minority stake in GoSolr in July 2023, marking a significant development for both firms. Led by Patrice Motsepe, ARC, the investment holding company, has focused on identifying opportunities in South Africa’s and Africa’s financial services and diversified industries.
Formed in 2015 as a subsidiary of Motsepe’s Ubuntu-Botho Investments, ARC’s roots trace back to 2004, with a mission to build black-controlled capital. The GoSolr investment underscores ARC’s commitment to a cleaner, more sustainable energy future for South Africa.
Targeting households in major cities with annual incomes exceeding R360,000 ($19,304), GoSolr aims to broaden access to solar power solutions. This aligns with ARC’s vision for a greener future while delivering value to its investment portfolio.
