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GoParity launched an impact investing project in Africa

The Portugal-based platform GoParity is launching the first green energy project for an African hospital in ex-Swaziland.The solution will allow the replacement of coal by solar energy (PV) and certified biomass for electricity production. Switching to SolarWood will reduce the hospital’s greenhouse gas emissions by 70%, avoiding the emission of 1,350.3 tons of CO2 per year.

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This picture show some solar panels.

GoParity, an impact investment platform based in Portugal and with more than $2.4 million (€2.1 million) of investments raised for eco and socially responsible projects, is now launching its first project in Africa. According to the president of the African Development Bank, the future of the African continent is strongly connected to the development of the renewable energy sector, that is why this project is so important.

GoParity’s new project, called SolarWood Hospital, will co-finance a renewable energy solution to be installed at Good Shepherd Mission Hospital in Siteki, capital of the Lubombo district, the poorest region of Eswatini (former Swaziland). With a capacity of 225 beds, the hospital has an occupancy rate of 130%, being the institution responsible for health services in the entire Lubombo region (which accounts for more than a quarter of the total area of Eswatini and is home to some 212,000 people).

Given its importance in the region and the difficulty to access energy, and therefore to operate the hospital, the switch to SolarWood technology will have a huge environmental impact on the region and on the lives of its population.

Currently, the hospital has an annual electricity consumption of 800 MWh from the national grid, mainly generated by coal-fired power plants (76%) and uses 300 tons of coal to heat water.

If you want to read more about the project SolarWood Hospital, which will co-finance a renewable energy solution to be installed at Good Shepherd Mission Hospital in Siteki, download the Born2Invest mobile app. Our companion app brings you the most important business news from around the world for you to stay informed.

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Solar energy to replace coal 

The solution will allow the replacement of coal by solar energy (PV) and certified biomass for electricity production. It will also replace coal with certified biomass for water heating. Switching to SolarWood will reduce the hospital’s greenhouse gas emissions by 70%, avoiding the emission of 1,350.3 tons of CO2 per year, the equivalent of planting 61,377 trees.

In addition, the locally generated electricity will make the hospital completely independent of the grid and ensure the stability of its energy supply – the current instability of the country’s electricity grid can compromise the quality of health services provided.

Finally, the operation will employ at least 10 women in the region and the local project manager is also a woman, in a country where the participation rate of women to men is 62.95%.

More than 42 sustainable development projects were financed on the GoParity platform

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 financed several projects, with more than 6’800 investors and 42 sustainable development projects financed.

This work has resulted in $2.4 million (€2.1 million) of investments in areas ranging from sustainable tourism to green energy, electric mobility and reforestation. The projects financed are all sustainable and socially responsible projects with a positive impact on the world.

In 2020, the company has been chosen for the 4th edition of Google For Startups Residency, Google’s growth programme for technology start-ups. It recently won the Sustainable Fast Track UK in financial services.

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(Featured image by ulleo via Pixabay)

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Leah Marie Angelou is an LGBTI activist and equality advocate. She has been a writer for several feminism-focused groups for nearly a decade. Her pieces are often focused on career development and the workplace. She also regularly covers personal and micro-finance, business management and entrepreneurship. Recently she has also focused on covering the promising CBD and hemp industry.