Share
Seriti buys into Windlab Africa’s southern Africa operations
In a deal that has been in the making for a few months now, coal producer Seriti Resources today announced that it has finally acquired 100 per cent of Windlab Africa's southern Africa operations. The company is still eyeing Windlab's East Africa operations - pending approval from Tanzania. Joining CNBC Africa to unpack what value their portfolio offers in the deal is CEO of Seriti Green, Peter Venn.
Thu, 01 Dec 2022 17:01:35 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The acquisition of Windlab Africa's southern operations marks Seriti Resources' strategic entry into the renewable energy sector, with a focus on providing green electricity to its coal mining operations in Mpumalanga.
- The company's future pipeline includes a 900-megawatt construction program in Mpumalanga, representing a capital cost of 25 billion rants, with stakeholders including Seriti Resources, Danobank, R&B, and Peter Venn investing in the project.
- Seriti Green aims to feed renewable energy into Eskom's grid and engage with private companies to support the green transition in the energy sector, while also exploring expansion opportunities in the green hydrogen space and highlighting job creation and skills transfer in the industry.
In a significant move towards renewable energy, coal producer Seriti Resources has announced the acquisition of 100% of Windlab Africa's southern operations. The deal, which closed recently, marks a strategic entry for Seriti into the renewable energy sector, aligning with the company's focus on green initiatives. The company is also looking to acquire Windlab's East Africa operations, pending approval from Tanzania. Discussing the value of the portfolio in this deal, CEO of Seriti Green, Peter Venn, joined CNBC Africa for an exclusive interview. The acquisition of Windlab Africa's South African operations represents a substantial 3.5 gigawatts of developed pipeline for wind and solar construction in the region. This move underscores Seriti's commitment to green electricity, with a primary focus on providing sustainable energy to its coal mining operations in the Mpumalanga province. The future pipeline includes a 900-megawatt construction program set to commence next year with a capital cost of 25 billion rants. Stakeholders in this ambitious project include Seriti Resources, Danobank, R&B, and Peter Venn, collectively providing the capital for the project. Construction on the initial phase is scheduled to start in April, with further phases planned throughout the year, aiming to deliver clean energy to Seriti Resources by 2025. Notably, the renewable energy produced is intended for a dual purpose, feeding into Eskom's grid and catering to private companies, aligning with the green transition in the energy sector. Peter Venn emphasized the significance of Mpumalanga as a hub for renewable energy in South Africa, leveraging its grid capacity for new energy sources. The company also has projects underway in other parts of the SADC region, aiming to bolster energy supply in regions with limited generation capacities. With a keen eye on industrial partnerships, Seriti Green aims to support large users in meeting their net-zero targets. The company sees vast opportunities in green steel, aluminum, and hydrogen production, crucial for achieving sustainability goals. Looking ahead, Peter Venn highlighted the potential for further growth and acquisitions in the green hydrogen space, signaling a long-term commitment to renewable energy expansion. From a job creation perspective, the project is expected to generate thousands of jobs over a ten-year period in Mpumalanga, offering opportunities for skills transfer and employment in various sectors. As the industry transitions towards renewable energy, there is a growing demand for skilled professionals, particularly in electrical engineering, data analytics, data security, and construction disciplines. Seriti Resources is focused on facilitating this skills transfer, leveraging existing training facilities and partnerships to support the workforce transition. The company envisions significant growth within the renewable energy industry, offering a promising outlook for job seekers entering the green sector.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.