Motsepe-backed GoSolr plans $537m South Africa expansion

GoSolr, a company backed by South African billionaire Patrice Motsepe and the continent’s biggest bank, plans to spend R10 billion to roll out a model of renting solar panels and batteries to homes in the nation plagued by blackouts. The two-and-a-half-year-old company seeks to install about 500 megawatts of solar-generation capacity in four years. That’s up from its current 70 megawatts, said Andrew Middleton, GoSolr’s chief executive officer. It has attracted investment and financing from Motsepe’s African Rainbow Capital Investments and Standard Bank Group.

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