Lesedi Solar Care Business Plan — Company Overview & Governance

Private company under the Companies Act 71 of 2008; incorporated 9 August 2024

Company Overview & Governance

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2.1 Corporate details

Item	Detail
Legal name	Lesedi Solar Care (Pty) Ltd
Registration number	2024/611408/07
Incorporation	Private company under the Companies Act 71 of 2008; incorporated 9 August 2024
Registered office	Unit 12, Solaris Park, 88 Richards Drive, Midrand, 1685
Operating depots	Upington (Northern Cape), Midrand (Gauteng), Worcester (Western Cape)
Auditors	Ndlovu Reinecke Inc.
Bankers	Nedbank (transactional and asset finance)
B-BBEE status	Level 1 contributor; 59% Black ownership; 8% worker trust; 9% community trust
Accreditations	SAPVIA member; ECSA-registered technical leadership; PV GreenCard installer network; ISO 45001-aligned safety system
Insurance	Public liability, professional indemnity, contract works, fleet and working-at-height cover in place

2.2 Vision, mission and operating principle

The vision is to be the operator that South Africa’s solar owners trust with their yield. The mission is to recover, measure and protect the energy that soiling, faults and neglect take from solar assets, profitably, safely, and with the lightest possible water footprint.

The operating principle deserves emphasis because it governs everything else: every intervention must be measurable. Lesedi does not sell activity; it sells verified performance recovery, evidenced in the client’s own meter data through the LumenIQ platform. This single discipline governs pricing, contracting and how field crews are incentivised, and it is the reason the business can defend price in a fragmented market where competitors sell visits rather than outcomes.

2.3 Shareholders

Figure 4. Shareholding after the R38 million equity raise.

Shareholder	%	Nature & role
Lesedi Founders Consortium (Pty) Ltd	42%	Black-owned founder vehicle of the executive team; contributed the founding contract book and seed capital of R9.4m
Sizwe Growth Capital Fund I	26%	Independent South African growth equity fund providing the anchor investment and scale-up governance
Helios Field Services BV	15%	Strategic technical partner (European O&M group); contributes robotics technology licence, methodology and secondment programme
Karoo Community Development Trust	9%	Broad-based trust for Northern Cape host communities; vendor-financed and repaid from distributions
Amandla Workers Trust	8%	Evergreen employee trust covering all permanent field and support staff

2.4 Board of directors

Director	Role	Profile
Adv. Lerato Mahlangu	Independent Non-Executive Chairperson	Energy regulatory advocate with 19 years’ practice; advised on IPP contracting frameworks; chairs two enterprise development boards
Kagiso Sithole	Chief Executive Officer	Co-founder; built and ran the O&M division of a national EPC covering 640 MW across four provinces; BEng (Mech), UP
Riaan Botha	Chief Financial Officer	Chartered Accountant (SA); scaled two field-services businesses from R30m to R280m revenue; owns the model, funding and contract commercials
Nomvula Mbatha	Chief Operating Officer	Fifteen years in field operations and HSE for utility-scale renewables; delivered commissioning and maintenance crews on 1.4 GW of installed plant
Dr. Ashwin Pillay	Chief Technology Officer	PhD in PV performance modelling; built the analytics engine behind LumenIQ; published on soiling behaviour in semi-arid climates
Fatima Ebrahim	Non-Executive Director (Sizwe nominee)	Growth equity principal; portfolio oversight of eight services businesses; chairs the audit & risk committee
Pieter de Wit	Non-Executive Director (Helios nominee)	International O&M executive; oversees 3.1 GW of contracted capacity across three continents
Elias Mokoena	Non-Executive Director (Community Trust nominee)	Community development practitioner; trustee governance and local employment oversight

2.5 Governance framework

The board meets bi-monthly under a charter reserving material contracts, capital expenditure above R2.5 million, related-party transactions and distributions. Audit and risk, social and ethics, and remuneration committees are constituted in line with King IV, with independent directors in the majority on audit and risk. Delegation of authority runs to R2.5 million at chief executive discretion, to R10 million jointly with the chief financial officer, and above R10 million, or below a 28% contribution margin, at board level.

StrengthThe governance design addresses the way field-services businesses actually fail

Two provisions are worth singling out. The first is that any contract below a 28% contribution margin requires board approval, and below 34% requires joint executive approval. Field-services businesses characteristically fail by buying revenue at prices that never recover, and embedding a walk-away discipline at board level is the correct structural response. The second is that executive short-term incentives are gated on safety performance, contract renewal rate and EBITDA margin, never on revenue alone. Together these align the board’s control framework precisely with the failure modes the sector presents.