Windlab has sold its 100% interest in Windlab South Africa and 75% interest in Windlab East Africa (combined Windlab Africa) to Seriti Green Proprietary Limited (Seriti Green).
Seriti Green is the renewable energy development subsidiary of Seriti Resources Holdings Proprietary Limited (Seriti) which is a South African based, 91% black-owned and controlled energy company. The acquisition will allow Seriti to lower its carbon footprint and ensure long-term sustainability as a diversified energy producer.
Windlab has been operating in Africa for over 14 years and has advanced the development of over 1GW of wind projects in Africa over that time. Following a strategic review of the business in early 2022, it became apparent that the ongoing development of the business would be best supported with African ownership and local capital.
Since commencing operation in Africa, Windlab’s aim has been to assist in the electrification of the region through the construction and operation of high-quality wind and solar renewable energy facilities.
With African ownership and local capital, the business will now be able to accelerate the development of its significant pipeline to assist in alleviating the electricity shortages on the African Continent.
Windlab wishes our African team all the best for the future and know that they will continue to provide an important contribution to the development of energy markets in Africa.
The transaction is subject to customary approvals and is expected to complete by the end of 2022.