Solareff mulling its options regarding its GridCars shareholding
Solareff CEO Jaco Botha says the engineered solar PV and battery energy storage solutions group is weighing the future of its 75% shareholding in vehicle charge network operator GridCars.
GridCars owns, operates and supplies charge-network infrastructure with related network software for electric vehicles in South Africa.
Botha says Solareff could remain a partner, sell some of its shares, or dispose of all of its shares.
This comes as Stanlib Asset Management in late 2023 acquired a controlling equity interest – 51% – in Solareff, through its Stanlib Infrastructure Fund II.
“While Stanlib sees strong long-term potential in e-mobility, the sector remains nascent,” notes Botha.
“The Stanlib Infrastructure Fund, underpinned by South African pension capital, is presently focused on scalable, mature investment opportunities aligned with its mandate.”
Solareff could not provide a timeline for a decision on its GridCars investment.
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