Standard Bank has partnered with GoSolr to support its ambition to aggressively expand access to reliable renewable energy solutions across South African households.
GoSolr is a fast-growing solar energy company that provides subscription-based solar photovoltaic (PV) solutions to South African households. These clean energy solutions are providing much-needed security of supply, specifically during extended power outages and load shedding. GoSolr’s customers also benefit from an environmentally-friendly, flexible finance energy solution, reduced monthly electricity bills and a lowered carbon footprint.
Acting in its capacity as Sole Sustainability Coordinator, Sole Mandated Lead Arranger, and Equity Investor in the transaction, Standard Bank provided sustainable green funding for GoSolr’s initial rollout of its proof of concept. This enabled the company to be a first mover in the household solar PV subscription market. Following the initial success of the business model, the bank has underwritten a growth capex facility to support GoSolr’s growth ambitions and enable it to meet the fast-increasing consumer demand for its solutions.
This partnership is supportive of Standard Bank’s commitment towards decarbonisation and energy transition, its focus on responding to the ever-growing need for reliable access to electricity and sustainable energy solutions on the continent and its investments in responsible partners that support these ambitions.
“In Standard Bank, we are proud to have found a trusted partner with commendable foresight. Through our collaboration with the bank, we will accelerate our journey towards removing barriers to reliable and clean energy access for South African households. We are very excited to start this new chapter of growth for the benefit of our customers, the economy and the environment,” commented Andrew Middleton, Co-founder and CEO of GoSolr.