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A UK solar power pioneer has grown its profits eight-fold by investing in subsidy-free solar farms that have helped connect millions of homes in Africa to cheap electricity.
Solarcentury, one of the UK’s fastest growing renewable energy companies, will report profits of £14.4m for the year ending in March, compared with £1.5m the year before.
A 5% share of the record profits will be channelled into SolarAid, a charity that has helped connect 2m homes in Africa to reliable electricity since it was founded by Solarcentury in 2006.
The rapidly rising profits follow a four-year growth strategy in which the company has invested heavily in building and running subsidy-free solar projects in southern Europe, Latin America and Africa.
In the year ahead the UK will emerge as a key focus for subsidy-free projects, owing to falling technology costs that have made solar power more economical in more overcast countries.
The better than expected results are likely to stoke investor interest in the company, which was put up for sale this year and could fetch £250m for its current owners. But the sale could spell the end of the donations to SolarAid as the new owners will not be held to the same agreement.
Solarcentury hands a share of its net profit to the charity every year to fund a not-for-profit home-solar company that sells mini solar panels to homes in Uganda, Malawi and Zambia on a pay-as-you-go basis.
The company’s record profits mean SolarAid will receive more than £500,000 from Solarcentury, which could fund 125,000 new home-solar installations.
Each system includes a mini solar panel, battery and an ultra-efficient electric lamp. One solar-powered light saves a typical family about £56 a year on kerosene for lamps and stoves, which contribute to air pollution and home accidents, according to SolarAid.
It estimates that its solar systems have generated enough night-time light for an extra 6bn hours of homework or studying.
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