In an effort to reduce its carbon footprint and ensure its long-term sustainability as a diversified energy producer, Seriti Resources has entered into an agreement to purchase a majority stake in Windlab Africa’s wind- and solar-powered assets through its subsidiary, Seriti Green. This represents an important development for Seriti Green, which was introduced in November 2021. 100% of Windlab South Africa and 75% of Windlab East Africa make up Windlab Africa.
Seriti CEO Mike Teke said: “The acquisition is a timely and strategic addition to our existing and valuable portfolio of coal assets. Our commitment to the responsible and reliable production of coal for both domestic consumption and export remains unwavering.”
The transaction, with a total purchase price of R892 million, will see Seriti acquire a 51% controlling interest in Windlab Africa—with RMB (14,5%), Standard Bank (14,5%) and two individual partners, Mr. Peter Venn (15%) and Ntiso Investment Holdings (5%) collectively taking up the remaining stake. Windlab is currently overseeing 3,5 GW of renewable energy projects at different stages of development in South Africa and East Africa.
As a responsible coal producer, Seriti says it is conscious of the impact that fossil fuels have on the environment and is committed to playing an active role in helping manage the just transition to a low-carbon economy while balancing South Africa’s energy needs.
Seriti uses 750 GWh of electricity in the process of mining the coal that is used to fuel power stations. In line with the commitments made in the memorandum of understanding signed in October 2021 with Eskom and Exxaro, Seriti will start using renewable wind and solar energy in its own facilities through the signing of PPAs in 2023.
Seriti is collaborating with Peter Venn, Ntiso Investment Holdings, Standard Bank, and RMB. Seriti has confidence in the capability of the management team at Windlab Africa, led by Peter Venn, who will carry on expanding and expanding the company. The entry of Seriti and its partners into the renewables sector heralds a clear shift, with a proudly black-owned South African company making a significant contribution to a smaller carbon footprint and a just transition.
