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Stanlib Asset Management acquires Solareff, GridCars; enables PPAs

7th August 2023

By: Irma Venter

Creamer Media Senior Deputy Editor

     

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Stanlib Asset Management has acquired 51% of Solareff, through its Stanlib Infrastructure Fund II. 

Stanlib Asset Management is a local investor in sustainable infrastructure.

The 13-year-old Solareff is a commercial and industrial (C&I) solar and battery platform in South Africa, with more than 500 projects to date, and more than 190 MW of installed capacity, including installations such as the largest rooftop solar photovoltaic solution in the southern hemisphere and Africa.

The company aims to advance the low-carbon transition through deploying renewable solutions and reducing regional business electricity costs.

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.

Parallel to the acquisition of Solareff, Stanlib has also established Solareff Green, which offers capex-free energy solutions to C&I customers via power purchase agreements (PPAs).

This means Solareff Green will fund and own renewable power-generation facilities and/or storage facilities, which will then sell its generated power to customers.

Stanlib says it has committed “substantial capital” to fast-track the build-out of capex-free energy solutions for the C&I market through Solareff.

Closing of the Stanlib–Solareff transaction is subject to regulatory approval.

“We are proud to partner with Solareff and believe that our investment, particularly through our PPA offering, can make a significant social and economic impact in South Africa by allowing commercial and industrial clients access to more reliable power, at competitive tariffs,” says Stanlib Infrastructure Fund II co-head Andy Louw.

“Importantly, it contributes to the reduction of the carbon footprint of power generation.

“Stanlib is uniquely positioned to help Solareff continue its growth journey in the C&I power sector across South Africa.”

“We are all particularly excited about Solareff’s new PPA offering to the market,” notes Solareff CEO and founder Jaco Botha.

“Stanlib’s commitment to provide funding for capex-free power solutions and vast experience in managing infrastructure investments played a critical role in our choice of strategic partner. 

“This investment is the beginning of our next chapter as Solareff continues to play a critical role in South Africa’s energy transition.”

 

Edited by Creamer Media Reporter

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