Impact Investing App GoParity Launches First Green Energy Project in Africa

Impact Investing App GoParity Launches First Green Energy Project in Africa

GoParity, an impact investment platform based in Portugal and with more than 2.1 million euros of investment raised for environmentally and socially responsible projects is now launching its first project in Africa.

Its new project called SolarWood Hospital, will co-finance a renewable energy solution that will be installed at Good Shepherd Mission Hospital in Siteki, capital of Lubombo district, the poorest region of Eswatini (ex-Swaziland). With a capacity for 225 beds, the hospital’s occupancy rate reaches 130%, being the institution responsible for health care services throughout the Lubombo region (which constitutes more than a quarter of the total area of Eswatini and where approximately 212,000 people live).

Considering its importance in the region and how difficult it is to access energy, and thereby keep the hospital running, the switch to SolarWood technology will have a huge environmental impact on the region and on the life of its population.

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Currently, the hospital has an annual electricity consumption of 800 MWh which comes from the national grid; it is mainly produced by coal plants (76%) and uses 300 tonnes of coal to heat water.

The solution will also allow the replacement of coal by solar power (PV) and certified biomass for electricity production. It will also allow the substitution of coal for certified biomass for heating water. The switch to SolarWood will reduce the hospital’s greenhouse gas emissions by 70%, avoiding the emission of 1350.3 tonnes of CO2 a year, the equivalent of planting 61,377 trees.

In addition, locally produced electricity will make the hospital fully autonomous from the grid and guarantee the stability of its energy supply; the country’s unstable electricity grid can jeopardize the quality of the healthcare services provided.

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The operation also aims to empower more women into the professional workforce. The project will employ at least 10 women in the local area, one of which is a project manager; in a country where the female-to-male labor force participation rate is 62.95% this is one way the organisation is helping to close the gender gap.

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GoParity is an impact investment platform launched in 2017, focused on democratizing access to impact investments in environmentally and socially responsible projects. Since its launch, the social enterprise has already funded several projects, counting 6,800 investors and 42 sustainability projects financed.

This work has translated into 2.1 million euros of investment in areas ranging from sustainable tourism to green energy, electric mobility, and reforestation.

In 2020, the company was chosen for the fourth edition of Google For Startups Residency, the growth program for tech startups from Google. It recently received the Sustainable Fast Track UK award in financial services.

This media release was submitted by FES Agency. Cover image by Lasha Tsomaia.

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