Stanlib Asset Management Acquires A Majority Interest In Solareff And Its Subsidiary, GridCars
Stanlib Asset Management Acquires A Majority Interest In Solareff And Its Subsidiary, GridCars. STANLIB Asset Management, a leading South African investor in sustainable infrastructure, has announced the acquisition of a controlling equity interest in Solareff, through its STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals.
Andy Louw, Co-Head of the STANLIB Infrastructure Fund II, said, “We are proud to partner with Solareff and believe that our investment in Solareff, particularly through our PPA offering can make a significant social and economic impact in South Africa by allowing C&I clients access to more reliable power, at competitive tariffs. 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.”
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 (‘PPA”). STANLIB has committed substantial capital to fast track the build-out of capex free energy solutions for the C&I market through Solareff.
GridCars is the leading owner, operator, and supplier of charge-network infrastructure with related network software for electric vehicles in South Africa. GridCars’ vision is to facilitate the rapid growth of the electric vehicle market by continuing to collaborate with various players in the industry and to invest in the charge network to drive South Africa’s Green eMobility revolution, connecting major cities along some of South Africa’s busiest highways.
Jaco Botha, CEO and co-founder of Solareff, said “We are all particularly excited about Solareff’s new PPA offering to the market. 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,” Botha concludes.
Solareff was established 13 years ago and has grown into a leading distributed C&I solar and battery platform in South Africa, with over 500 successful projects to date and a total of over 190MW of installed capacity, including record-breaking installations such as the largest rooftop solar PV solution in the Southern Hemisphere and Africa.
Solareff offers customers a power solution that is more economical and sustainable than the grid. Demonstrating significant power cost savings for customers, the Company is distinctively positioned in the fast-growing C&I sector.
