EDP - Energias de Portugal has invested 2.0 million euros in the purchase of a stake in SolarWorks! of the Netherlands, operating in Mozambique and preparing to enter the Malawian market, the group said in a statement.
The investment resulted from a round of financing led by EDP Renováveis, a subsidiary of the EDP group, in conjunction with venture capital firm Persistent Energy Capital LLC, following a capital increase by SolarWorks!.
EDP’s statement said that the investment will stimulate the international expansion of SolarWorks! in Southern Africa, where it has operated a pay-as-you-go (PAYGO) business since 2016.
This investment by EDP marks the beginning of the new strategy defined for the A2E (Access to Energy) area, in which it has committed to invest 12 million euros over the next three years to cover 200,000 people, mainly in developing countries .
SolarWorks! BV has been working in Southern Africa for the last decade, offering a range of quality solar products that give people to access to electricity for the first time in their lives. (macauhub)