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AfrElec RENEWABLES AfrElec

Seriti Resources expands into

green energy via Windlab SA

acquisition

SOUTH AFRICA SOUTH African coal miner Seriti Resources diversification within our business and support
has concluded its acquisition of a 100% stake the new chapter of a just energy transition,” said
in Windlab South Africa through its subsidiary Seriti CEO Mike Teke.
Seriti Green, the company said in a statement. “We are looking forward to a favourable out-
As a result of the deal’s conclusion, Seriti come on the East Africa leg, after which our full
Green has now commenced operation, News24 acquisition of Windlab Africa will be complete.”
reports. Windlab South Africa currently over- Speaking to News24 on Thursday, Teke said
sees about 4,000MW of renewable energy pro- there was a recognition among regulators in
jects at different stages of development in South South Africa that the energy agenda in the coun-
Africa. try is urgent. Since it acquired South32’s South
The acquisition forms part of Seriti’s trans- African Energy Coal last year, Seriti has become
formation into a diversified energy producer. one of the two largest suppliers of coal to strug-
It follows the announcement in August of the gling state-owned power utility Eskom.
binding transaction agreements to acquire a With a view to urgently help alleviate a need
majority interest in Windlab’s South Africa and for new power generation in South Africa,
East Africa businesses, the coal miner said. the company plans to begin construction of a
Windlab Africa consists of 100% of Windlab 900MW wind and solar project in the coal heart-
South Africa and 75% of Windlab East Africa. land of Mpumalanga in the first half of next year,
The conclusion of the East Africa portion of writes News24.
the transaction remains subject to anti-trust According to Seriti Green CEO, Peter Venn,
approval from the Tanzanian authorities. there is a growing impetus for the development
According to the statement, the transaction of the renewables sector in South Africa and the
will see Seriti Green owned by a consortium rest of the continent. This acquisition gives Seriti
of strategic shareholders with Seriti Resources access to a portfolio of renewable energy assets
holding a 54.19% controlling interest, along- with a high return rate and a promising project
side VennEnergy (15%), Rand Merchant Bank pipeline.
(15.41%) and Standard Bank (15.41%) collec- “Seriti Green is well positioned and able to
tively taking up the remaining stake. play a constructive and growing role in bring-
“The finalisation of the South African leg of ing responsible and impactful renewable energy
this transaction is a significant milestone for projects to fruition, especially in South Africa’s
Seriti Green, enabling us to facilitate the decar- energy heartland of Mpumalanga,” Venn said in
bonisation of South Africa’s energy grid, provide the statement.’™

P14 www. NEWSBASE .com Week 49 07•December•2022