Seriti Resources Holdings, a South African coal producer led by senior executive Mike Teke, has agreed to buy a 51-percent stake in Windlab Africa‘s wind and solar assets through its subsidiary Seriti Green for R892 million ($55 million).
Windlab Africa is the African business of Australian wind farm operator and project developer Windlab Pty Ltd.
Windlab Africa owns a 100-percent stake in Windlab South Africa and a 75-percent stake in Windlab East Africa. In total, its subsidiaries are in charge of 23 projects totaling 3.5 gigawatts that are in various stages of development across Africa.
The transaction represents a significant step forward in Seriti Resources’ efforts to develop its green energy business. It also aligns with its expansion and energy-transition plans as it seeks to reduce its carbon footprint and ensure long-term sustainability as a diversified energy producer.
“The acquisition is a timely and strategic addition to our existing and valuable coal asset portfolio,” Teke, CEO of Seriti Resources, said. “Our commitment to the responsible and reliable production of coal for both domestic consumption and export remains unwavering.”
Teke went on to state that the transaction is a milestone in Seriti Resources’ journey to become a diversified energy business, as it will offer long-term financial stability and diversification while embracing alternative energy sources and helping to secure the country’s power needs.
According to a press release issued by the South African coal miner, the transaction will see Seriti Green acquire a 51-percent controlling interest in Windlab Africa.
The remaining stake will be owned by Rand Merchant Bank (14.5 percent), Standard Bank (14.5 percent), Windlab Managing Director Peter Venn (15 percent), and Ntiso Investment Holdings (five percent).
