Interest Acquisition is aligned to the company continuing to do business in a sustainable, environmentally friendly manner.
Johannesburg, 19 July 2023: Leading empowerment investment holding company African Rainbow Capital (ARC) today announced the acquisition of a minority shareholding in GoSolr, the largest residential solar energy company in South Africa, for an undisclosed amount.
GoSolr was founded in 2021 and began with installations in Cape Town, rapidly expanding to other major metropolitan areas in 2022. GoSolr’s key proposition is offering solar as a service with fixed monthly fees to households. GoSolr’s aim is to accelerate the shift to solar energy in South Africa, which is achievable by making residential solar solutions affordable, smart and secure. This approach will make solar PV solutions more accessible and exponentially increase adoption by households.
The transaction is done through ARC Financial Services Investments, the financial services investment arm of ARC. The transaction creates growth opportunities for both parties and will further enable GoSolr to accelerate its operational targets to meet the increased demand for quality, affordable, solar solutions.
GoSolr Chief Executive Officer Andrew Middleton commented: “We have followed closely the development of ARC over the years and its commitment to fast-growing, disruptive companies and we are excited to enter into this partnership.”
“The key value we see ARC offering GoSolr is its strong balance sheet that will further enable us to fund our ambitious future growth opportunities. This together with ARC’s impressive network of corporate opportunities and solid broad-based empowerment credentials makes it a partnership we are very excited about at GoSolr.”
The acquisition is very much in line with ARC’s strategic focus. Says Johan van Zyl, co-CEO of ARC:
“We believe GoSolr will add significant value to the ARC Investments portfolio as well as clients outside of the portfolio.”
Johan further adds: “To protect our environment and do business in a responsible and environmentally friendly manner, we must find an alternative, sustainable energy source that reduces greenhouse gases, improves air quality, and leads to a reduction in dependency on fossil fuels. We are excited to support GoSolr’s growth and help it achieve its ambitious goals. The company has a strong team with a proven track record.”
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NOTES TO THE EDITORS
- Andrew and his team are based in Johannesburg, with operations across the country.
- The business is one of the largest residential solar energy companies in South Africa.
- They offer solar as a service to households with fixed monthly fees.
- The business provides employment to more than 100 people, including 100s within contractors and supply chain.
African Rainbow Capital (ARC)
- ARC is a leading empowerment investment holding company and is 100% owned by Ubuntu-Botho Investments, which has shareholding in Sanlam, the diversified financial services company.
- ARC Financial Services Investments (ARCFSI) is the vehicle used to conduct all of ARC’s financial services investments.
- ARC has a significant interest in ARCFSI through it’s 1% direct stake in African Rainbow Capital Financial Services Holdings (ARCFSH) and the ARC Fund, which owns 49.9% of ARC Financial Services Holdings.
- ARCFSH owns 75% of ARCFSI , Sanlam Life Insurance Limited owns the remaining 25%.
- ARC Investments (ARCI) has as its main asset the ARC Fund that carries the portfolio of investments.
- ARCI is incorporated in terms of Mauritian company law and has been listed on the Johannesburg Stock Exchange in South Africa since 7 September 2017.