Windlab Pty Ltd has agreed to sell its African business to a group headed by the renewables arm of South African coal miner Seriti Resources Holdings Pty Ltd. Windlab is selling its 100% interest in Windlab South Africa and a 75% stake in Windlab East Africa, together referred to as Windlab Africa. Seriti Green Pty Ltd will acquire 51% of Windlab Africa, whilst Rand Merchant Bank and Standard Bank each take 14.5% stakes. At the same time, individual investors Peter Venn and Ntiso Investment Holdings will buy respective stakes of 15% and 5%.
Seriti Resources said that with this purchase, it seeks to reduce its carbon footprint and ensure long-term sustainability as a diversified energy producer. The transaction will provide it with access to a portfolio of existing renewable energy plants with a high return rate, a promising project pipeline and a highly experienced management team. Windlab is a portfolio company of Asia-Pacific investor Federation Asset Management, which supports the newly announced transaction. A Federation-led consortium took over Windlab in June 2020.