Seriti Resources, a key coal supplier to South Africa’s power utility, will buy a majority stake in renewable energy developerThe deal worth $55 million will give Seriti a 51% stake in the wind and solar power business, the coal company said. It’s buying the assets through Seriti Green, the clean energyThe remaining shares will be held by Windlab’s Managing Director Peter Venn with 15%, Rand Merchant Bank and Standard Bank Group Ltd. with 14.5% each, and Ntiso Investment Holdings owning 5%.
As the green unit looks to add renewable stations and power generation, the miner remains “committed to coal, we will run those assets,” he said. With the renewable deal, the company joins local producers such as Exxaro Resources Ltd. that have acquired clean-energy assets.to shift to renewable projects at their mines, potentially reducing CO2 emissions by as much as 350,000 tons a year for Seriti, more than half of its current emissions, and 130,000 tons a year for Exxaro at its Matla coal mine.
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