African Rainbow Energy and Power (AREP) acquires 40% of Sola Group, a solar energy provider based in Cape Town, South Africa. Through this investment by AREP, Sola Group will expand its activities in Southern Africa.
African Rainbow Energy and Power (AREP) is now the majority shareholder in Sola Group, a solar energy provider that focuses its activities in Southern Africa. AREP has just taken a 40% stake in the Cape Town-based company. The company has a strong presence in South Africa, where it participates in the South African government’s strategy in favour of renewable energies.
Sola Group has obtained the South African government’s approval to supply 245 MW of solar power under the Renewable Energy Independent Power Producer Procurement (REIPPP). The company also supplies electricity to industrial and commercial customers with an installed capacity of 78 MW and a storage capacity of 7 MWh.
In addition to South Africa, Sola Group supplies electricity to the private sector in Namibia. AREP, which is entering Sola’s capital, brings with it its experience. The company also produces electricity from renewable sources such as solar, wind and biomass.
“The transaction with Sola allows us to benefit from the use of modern technologies to provide electricity at an affordable price, as well as to benefit from their expertise in the field of photovoltaic solar energy. It also supports our strategic direction to provide clean energy to the commercial and industrial sectors,” said Brian Dames, AREP’s President and CEO.
Jean Marie Takouleu