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 company, which says it’s the biggest of its kind in South Africa, is one of a number capitalising on the power cuts and surging electricity prices that have afflicted the country since 2008. Future funding for the company will come in the form of debt and equity, with existing shareholders such as Motsepe’s ARC and Standard Bank likely to contribute, Middleton said.Its subscription service competes with more expensive rent-to-buy operators as well as households that pay the about R150,000 needed to install a standard system of eight solar panels and 5-kilowatt hours of battery storage themselves.
With the national power utility Eskom Holdings Ltd. having won permission to raise tariffs by 12.7% this year, more than double the inflation rate, savings for solar users are expected to increase.
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