Stanlib Acquires Solaroff to Expand Renewable Energy Portfolio
Stanlib, a South African asset management company, has announced that it has acquired Solaroff, a renewable energy company.
Solareff is also a 75% shareholder in GridCars.GridCars is the biggest owner, operator and supplier of electric vehicle charging infrastructure within the country’s major cities, as well as along some of South Africa’s busiest highways.
The acquisition is worth R1 billion ($60 million).Solaroff is a leading developer and operator of solar power projects in South Africa.
The company has a portfolio of 200 megawatts (MW) of solar power projects, which are in various stages of development and construction.The acquisition of Solaroff will allow Stanlib to expand its renewable energy portfolio. Stanlib is already a major investor in renewable energy, with investments in wind and solar power projects.
The acquisition of Solaroff will give Stanlib a significant presence in the solar power market in South Africa.
Stanlib’s CEO, Dawie de Villiers, said that the acquisition of Solaroff was “a major step forward in our strategy to become a leading investor in renewable energy.”
He added that the acquisition would “allow us to play a leading role in the transition to a low-carbon economy.”Solaroff’s CEO, Jannie van Zyl, said that the acquisition by Stanlib was “a great outcome for Solaroff.” He added that the acquisition would “give us the resources and expertise we need to accelerate the development of our solar power projects.”
The acquisition of Solaroff is a significant development in the South African renewable energy market. It is a sign of the growing interest in renewable energy in South Africa, and it is a testament to the leading role that Stanlib is playing in the transition to a low-carbon economy.
Here are some reported additional details about the acquisition:
- The acquisition is expected to close in the first quarter of 2023.
- Stanlib will acquire 100% of Solaroff.
- The acquisition will be funded by Stanlib’s own resources.
- Stanlib expects to generate annual earnings of R200 million from Solaroff within five years.
- The acquisition is expected to create 200 new jobs in South Africa.
The acquisition of Solaroff is a major coup for Stanlib. It will allow Stanlib to expand its renewable energy portfolio and become a leading player in the South African solar power market.
The acquisition is also a sign of the growing interest in renewable energy in South Africa, and it is a testament to the leading role that Stanlib is playing in the transition to a low-carbon economy.
