Standard Bank partners with GoSolr to provide accessible solar solutions to households | Infrastructure news

In a move to support its ambition to actively expand access to reliable renewable energy solutions across South African households, Standard Bank has partnered with GoSolr, a leading, solar energy company that provides solar photovoltaic (PV) solutions for household use.

GoSolr’s innovative solutions address the critical issue of accessible energy security for households, particularly during power outages and persistent load shedding.

By harnessing renewable energy sources, these environmentally friendly solutions effectively minimise average household carbon emissions and provide the added benefit of reducing monthly electricity bills.

Standard Bank initially provided funding for GoSolr’s proof of concept rollout, which enabled the company to be a first mover in the household solar PV market.

Following the early success of the business model, the bank has provided GoSolr with an upsized funding package as well as equity for its growth capital requirements due to increasing product demand. The added benefit of this investment is the opportunity for GoSolr to significantly expand its growing market share.

“We are delighted to strengthen our partnership with Standard Bank and are very excited to help further power and empower South African households. The bank has been instrumental in our journey so far and we appreciate the confidence the organisation has demonstrated by way of continued funding for our innovative solutions. Access to further growth capital will enable GoSolr to achieve significant scale for the benefit of the wider public, providing relief against the debilitating effects of energy insecurity,” says Andrew Middleton, Co-founder and CEO of GoSolr.

Jameel Nagdee, Executive, Structured Capital at Standard Bank Corporate and Investment Banking, highlights the bank’s key role as the sole mandated lead arranger and sustainability coordinator in this transaction.

The collaboration encompassed a green term loan alongside an equity investment that’s aligned with the bank’s Environmental, Social and Governance (ESG) objectives.

“For our part, supporting energy access as part of the broader energy transition continues to be key. With the growing need for reliable electricity and sustainable energy solutions on the continent, the bank has committed to partnering with businesses, in South Africa and beyond, that aim to address this urgent need. Our partnership with GoSolr removes the barriers of access to reliable and clean energy by making it more accessible for South African households,” concludes Shamal Mahabir, Senior Vice President, Structured Capital at Standard Bank Corporate and Investment Banking.

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