Financial Journalist
African Rainbow Energy has acquired a larger stake in South African independent power producer Sola Group as the country’s private renewable energy market continues to expand.
The Motsepe-chaired energy platform increased its shareholding in Sola from 41% to 83%, giving it majority control over the group’s renewable energy portfolio, which is valued at more than R20bn.
The transaction comes as South Africa’s private electricity market continues to expand, driven by rising corporate demand for renewable power, regulatory changes that have enabled wheeling, and increased investment in decentralised generation and storage solutions.
African Rainbow Energy CEO Brian Dames said the investment builds on the existing partnership between the two companies.
