https://newsletter.en.creamermedia.com
Africa|Business|Construction|Energy|Financial|Industrial|Power|PROJECT|Projects|Renewable Energy|Renewable-Energy|Solar|Storage|Technology|Solutions
Africa|Business|Construction|Energy|Financial|Industrial|Power|PROJECT|Projects|Renewable Energy|Renewable-Energy|Solar|Storage|Technology|Solutions
africa|business|construction|energy|financial|industrial|power|project|projects|renewable-energy|renewable-energy-company|solar|storage|technology|solutions

Motsepe's AREP acquires 40% stake in SOLA Group

28th January 2021

By: Creamer Media Reporter

     

Font size: - +

African energy company African Rainbow Energy and Power (AREP), which was founded by Dr Patrice Motsepe, has expanded its investment in the renewables sector with the acquisition of a strategic stake in the SOLA Group.

The companies joined forces at the end of 2020, with AREP acquiring a 40% stake and becoming the largest individual shareholder in the group. The deal also includes a significant investment into the group to fund further expansion.

“The transaction with SOLA allows us to benefit from the utilisation of modern technology to provide affordable electricity, as well as benefit from their expertise in solar photovoltaics (PV). This also supports our strategic focus on delivering clean energy for the commercial and industrial sectors,” says AREP CEO Brian Dames.

“AREP and SOLA share a vision of using the latest, cleanest technology available to deliver excellent climate and business returns - both for our clients and shareholders,” he adds.

AREP is focused on clean energy solutions, with a portfolio of 740 MW of renewable investments, including wind, solar PV and biomass.

The SOLA Group has been active in the government market, as well as in the private sector, having been awarded 245 MW of Renewable Energy Independent Power Producer Procurement Programme projects, 78 MW of commercial solar PV and 7 MWh of storage projects, respectively.

Having started with only four employees in 2008, SOLA now employs over 70 people on a permanent basis, with additional employment of between 30 and 100 staff during the construction of projects.

SOLA recently announced a landmark deal with Amazon, in the first ever solar PV wheeling project in South Africa. The group will provide 10 MW of clean solar power to the global company from a dedicated solar PV facility built 1 000 km from where the power is used.

“Our company is greatly strengthened through this partnership. There is very good strategic fit between SOLA and AREP, and the investment comes at the perfect time for a 100% South African-owned private utility to step up and play a meaningful role in tackling our electricity challenges,” says SOLA Group CEO Dom Wills.

The transaction will also see two AREP directors join SOLA’s board.

“We are excited to tap into the wealth of experience that AREP brings to our company. For our young company, this is as valuable as the financial investment will be,” says Wills.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Victaulic
Victaulic

Since 1919, Victaulic’s innovative solutions and design services continue to increase construction productivity and reduce risk, ensuring projects...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (08/11/2024)
8th November 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.093 0.199s - 211pq - 2rq
Subscribe Now