STANLIB acquires majority interest in Solareff and its subsidiary GridCars

South Africa’s STANLIB Asset Management has announced the acquisition of a controlling equity interest in Solareff, through its STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals.

Solareff is a South Africa focused engineering, procurement, and construction (EPC) platform. To date, it has installed more than 500 distributed solar and related on-site energy solutions for commercial and industrial (C&I) customers in South Africa.

In addition, Solareff is the controlling shareholder of GridCars, an electric vehicle charge point infrastructure provider in South Africa.

Parallel to the acquisition of Solareff, STANLIB has also established Solareff Green which offers capex-free energy solutions to C&I customers via power purchase agreements (PPA). STANLIB has committed substantial capital to fast track the build-out of capex free energy solutions for the C&I market through Solareff.

Andy Louw, co-head of the STANLIB Infrastructure Fund II said, “We are proud to partner with Solareff and believe that our investment in Solareff, particularly through our PPA offering can make a significant social and economic impact in South Africa by allowing C&I clients access to more reliable power, at competitive tariffs. Importantly, it contributes to the reduction of the carbon footprint of power generation. STANLIB is uniquely positioned to help Solareff continue its growth journey in the C&I power sector, across South Africa.”

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