STANLIB Powers Solar, EV Push in SA
- South African investment firm STANLIB has acquired a 51% stake in energy solutions provider Solareff Ltd and its electric vehicle charging infrastructure subsidiary GridCars, committing to fund ZAR 600 million in capex-free energy solutions. This move seeks to make a social and economic impact in South Africa.
STANLIB Asset Management, a South African investment firm, has acquired a controlling stake in domestic solar installer Solareff Ltd and its electric vehicle (EV) charging infrastructure subsidiary GridCars. The equity investment, which hinges on regulatory approvals, will give STANLIB a 51% stake in Solareff. Solareff has completed over 500 distributed solar and related on-site energy projects, and has a total installed capacity of more than 190 MW. GridCars supplies EV charge points and software management systems.
STANLIB has also set up Solareff Green to offer capex-free energy solutions to commercial and industrial (C&I) customers via power purchase agreements (PPA). It has committed to providing ZAR 600 million (USD 32.2m/EUR 29.3m) to fund such solutions over the next 18 months. This move is expected to make a significant social and economic impact in South Africa by allowing C&I clients access to more reliable power, at competitive tariffs.
What Impact Will STANLIB's Investment in Solareff and GridCars Have?
- STANLIB's investment in Solareff and GridCars will provide greater access to clean energy for commercial and industrial clients in South Africa.
- The equity investment will give STANLIB a 51% stake in Solareff.
- Through Solareff Green, STANLIB will provide ZAR 600 million (USD 32.2m/EUR 29.3m) in capex-free energy solutions to C&I customers.
- This move will increase the reliability and affordability of clean energy in South Africa.
- Solareff has a total installed capacity of more than 190 MW, and GridCars provides EV charge points and software management
- systems.STANLIB's investment will enable more efficient and sustainable energy production and use.
