ImpactAlpha, October 8 – The Madrid-based renewable energy company, EDP Renováveis, has invested €2 million ($2.3 million) for a minority stake in Dutch off-grid solar venture SolarWorks.
SolarWorks provides pay as you go home solar systems in Mozambique, where only 24% of the population has access to electricity. The capital will be used to support SolarWorks’ expansion into Malawi.
EDP says the investment in SolarWorks is part of an expansion of the company’s “access to sustainable energy” strategy, which it launched in 2009. EDP has committed €5 million through the initiative and plans to invest an additional €12 million over the next three years. It is looking to impact 200,000 people in energy-poor markets.
The investment was made with venture capital fund Persistent Energy Capital, which has supported SolarWorks since 2015.