Investing App GoParity Launches First Green Energy Project in AfricaFebruary 3, 2021
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.
GoParity’s 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 1/4 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.
Currently, the hospital has an annual electricity consumption of 800 MWh that comes from the national grid, being mainly produced by coal plants (76%) and it uses 300 tonnes of coal to heat water.
The solution will allow the replacement of coal by solar power (PV) and certified biomass for electricity production and It will also allowthe substitution of coal for certified biomass for heating water.The switch to SolarWood will reduce the Hospital’s emission of greenhouse gases by 70%, avoiding the emission of 1.350,3 tonnes of CO2 a year, the equivalent to planting 61.377 trees.
On top of this, locally produced electricity will make the Hospital fully autonomous from the grid and guarantee the stability of its energy supply – the current instability from the country’s electricity grid can jeopardize the quality of the health care services provided.
Finally, the operation will employ at least 10 women in the local area and the local manager of the project is also a woman, in a country where the ration of female-to-male labor force participate rate is 62,95%.
GoParity is an impact investment platform launched in 2017, focused on democratizing access to impact investments in environmentally or socially responsible projects. Since its launch, GoParity has already funded several projects, counting with more than 6.800 investors and 42 sustainability projects financed.
This work translated in 2.1 million euros of investment in areas ranging from sustainable tourism to green energy, electric mobility, and reforestation. The funded projects are all sustainable and socially responsible projects, with a positive impact on the world.
Until this moment, the GoParity projects have prevented the emission of more than 8.000 tons of CO2 per year, the equivalent to planting almost 400.000 trees, impacted 17.000 people and produced enough electricity to supply 5000 European families for one year. Having in mind their mission to democratize the access to investment, anyone can invest, whether inexperienced, an avid investor, or an organization. The minimum investment amount is € 20 with a yearly annual interest rate up to 7%.
In 2020, the company was chosen for the 4th edition of Google For Startups Residency, the growth program for tech startups from Google. It recently won the Sustainable Fast Track UK in the financial services.