African clean energy investment firm African Rainbow Energy has expanded its presence in South Africa’s renewable energy sector by acquiring a controlling stake in SOLA Group. The company, founded and chaired by South African billionaire Patrice Motsepe, increased its shareholding in SOLA Group from 41% to 83%, securing majority ownership of a renewable energy portfolio valued at more than 20 billion South African rand, equivalent to around 1.2 billion US dollars.
The acquisition marks a significant milestone in the long-standing partnership between the two companies, which has been active for the past five years. During this period, the partnership has played an important role in supplying clean and reliable energy solutions to major commercial and industrial clients across South Africa. SOLA Group has built a strong reputation in the renewable energy industry through the development of commercial solar photovoltaic projects, battery storage systems, and private power purchase agreements.
The company has also emerged as a leader in electricity wheeling arrangements, a system that allows renewable energy generated at one location to be transmitted through the national grid to customers located elsewhere. This approach has helped several major corporations access cleaner power sources more efficiently. Some of SOLA Group’s key projects include the Springbok Solar Power plant and the Naos-1 hybrid energy facility. These projects currently provide energy solutions to major companies such as Amazon, Sasol, and Vodacom.
Following the transaction, African Rainbow Energy’s combined renewable energy portfolio now stands at nearly 2,000 MW of solar and battery storage capacity. Of this, around 1.5 GW is already operational, while another 500 MW is under construction. Patrice Motsepe stated that the investment strengthens the company’s vision of building a world-class African energy infrastructure platform capable of supporting economic growth while delivering affordable and sustainable electricity.
The acquisition has also resulted in leadership changes within SOLA Group. Founders Simon Haw, Chris Haw, and Dom Chennells will step back from daily executive roles but will continue as shareholders and non-executive directors. Meanwhile, Dom Wills has returned as group CEO to lead the company’s next phase of growth.
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