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.
Guardian 25th July 2019 read more »