Last week EDP invested €2 million in SolarWorks! B.V., a leading pay-as-you-go (PAYG) company based in Mozambique. The investment is the result of a round of financing led by EDP Renováveis (an EDP Group subsidiary) in partnership with venture building firm Persistent Energy Capital LLC.
The investment will boost the international expansion of SolarWorks! in Southern Africa, where the company has been operating a PAYG businesss since 2016. As a PAYG business, SolarWorks! sells solar home systems and related products to off-grid households and small businesses in rural and peri-urban areas. With over 170 employees, SolarWorks! is currently preparing to expand from Mozambique to Malawi.