africa Capital market Economy Energy FDI Finance Infrastructure

Portugal’s EDP buys US$2M stake in African off-grid solar company

Approximate reading time: 1 minute

Energias de Portugal SA (ELI:EDP) announced today it has acquired a minority stake in Mozambique-based off-grid solar marketing firm SolarWorks! for EUR 2 million (USD 2.32m).

The acquisition was made by EDP Renovaveis SA (ELI:EDPR), which led a fundraising round for the target. Venture building firm Persistent Energy Capital LLC also took part in the capital hike.

SolarWorks! operates a pay-as-you-go (PAYGO) business in Mozambique and this new investment will help it expand in Southern Africa. More specifically, the firm is preparing to enter the Malawian market, EDP noted.

The investment is also part of EDP’s strategy for universal access to sustainable energy (A2E), which envisages making a EUR-12-million investment over the next three years. EDP will also invest a further EUR 1 million in social responsibility activities, it said.

(EUR 1 = USD 1.16)

Source: Renewables Now

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.