Seriti buys majority stake in Windlab Africa’s 3,5 GW renewables assets
August 2022
News
Seriti Resources has entered into an agreement to acquire a majority stake in Windlab Africa’s wind- and solar-powered assets through its subsidiary, Seriti Green, as it seeks to lower its carbon footprint and ensure long-term sustainability as a diversified energy producer. This is a significant step in the development of Seriti Green, which was announced in November 2021. Windlab Africa consists of 100% of Windlab South Africa and 75% of Windlab East Africa.
Mike Teke, Seriti CEO, said: “The acquisition is a timely and strategic addition to our existing and valuable portfolio of coal assets. Our commitment to the responsible and reliable production of coal for both domestic consumption and exports remains unwavering.”
The transaction, with a total purchase price of R892 million, will see Seriti acquire a 51% controlling interest in Windlab Africa – with RMB (14,5%), Standard Bank (14,5%) and two individual partners, Mr Peter Venn (15%) and Ntiso Investment Holdings (5%) collectively taking up the remaining stake. Windlab is currently overseeing 3,5 GW of renewable energy projects at different stages of development in South Africa and East Africa.
As a responsible coal producer, Seriti says it is conscious of the impact that fossil fuels have on the environment, and is committed to playing an active role in helping manage the just transition to a low-carbon economy while balancing South Africa’s energy needs.
Seriti uses 750 GWh of electricity in the process of mining the coal that is used to fuel power stations. In line with the commitments made in the memorandum of understanding signed in October 2021 with Eskom and Exxaro, Seriti will start using renewable wind and solar energy in its own facilities through the signing of PPAs in 2023.
Seriti is partnering with Standard Bank, RMB, Ntiso Investment Holdings and Peter Venn. Seriti is confident in the strength of Windlab Africa’s experienced management team, led by Peter Venn who will continue to develop and grow the business. The entry of Seriti and its partners into the renewables sector signals a clear shift – a proudly black-owned, South African company making a meaningful contribution to a reduced carbon footprint and just transition.
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