AREP acquires stake in SOLA Group
The acquisition forms part of AREPs strategy to increase its footprint in renewables.
African Rainbow Energy and Power (AREP) has bought a sizable 40 percent stake in the SOLA Group in a bid to grow its investment in the renewables sector.
The companies united in the latter part of 2020, with AREP acquiring a 40 percent stake, making it the single biggest shareholder in the group.
AREP, which is owned by billionaire entrepreneur Dr Patrice Motsepe, concentrates on clean energy solutions including renewables. Its main objective is to provide affordable energy solutions in South Africa and on the African continent through modern and renewable energy technologies. This recent acquisition will also address South Africa’s energy crisis by providing clean energy to ease the burden on the country’s struggling energy supplier.
AREP and SOLA have a shared vision of harnessing cutting-edge technology for environmental conservation, but at the same time making a profit. The SOLA Group, which is based in South Africa, operates throughout the African continent as well.
Recently, SOLA partnered up with Amazon in South Africa’s first-ever solar photovoltaic (PV) wheeling project. SOLA Group will be supplying Amazon with 10MW of clean solar power from a PV facility located 1,000km away from where the power is used.