Mozambican firm SolarWorks raises $ 2.3 million to fund expansion in Southern Africa
EDP, a Portuguese state-owned electricity supplier, has decided to take a minority stake in SolarWorks, a Mozambican-based start-up specializing in the commercialization of solar energy solutions.
The € 2 million investment ($ 2.3 million) was made via EDP Renováveis, the renewable energy division of the Portuguese electricity company. US venture capital firm Persistent Energy Capital LLC also participated.
“EDP’s financial contribution will boost SolarWorks’ international expansion in Southern Africa, where it has been operating a pay-per-view (PayGo) business since 2016. The Mozambican start-up will also expand its operations in countries such as Malawi. Commented Arnoud de Vroomen, General Manager and Co-Founder of SolarWorks.
It must be said that this investment by EDP is part of the A2E initiative (Access to Energy) which aims to provide renewable energy solutions to the less affluent communities. The Portuguese company has pledged € 12 million over the next three years to enable 200,000 people living in developing countries to access solar energy.