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Stanlib infrastructure fund drives into EV space with controlling 51% stake in Solareff

Stanlib infrastructure fund drives into EV space with controlling 51% stake in Solareff
(Photo: Unsplash / Abbe Sublett | Stanlib Logo)

The fund has committed to providing R600-million to finance capex-free energy solutions over the next 18 months.

Stanlib Asset Management anticipates that its purchase of a 51% controlling stake in Solareff, via the Stanlib Infrastructure Fund II, will enable the renewable energy solutions company to increase access to more reliable power at competitive tariffs. The fund has committed to providing R600-million to finance capex-free energy solutions over the next 18 months.

Since its launch in July 2020, this particular fund has raised R11.2-billion worth of new commitments, with a mandate that includes a bias towards renewable energy and digital infrastructure.

Andy Louw, co-head of the Stanlib Infrastructure Fund II, says the investment manager is “uniquely positioned to help Solareff continue its growth journey in the commercial and industrial power sector, across South Africa”.

Stanlib has also established Solareff Green, which offers capex-free energy solutions to commercial and industrial customers via power purchase agreements. 

The investment manager says it has committed substantial capital to fast-track the build-out of capex-free energy solutions through Solareff.

GridCars Managing Director Winstone Jordaan and Solareff CEO Jaco Botha

GridCars Managing Director Winstone Jordaan and Solareff CEO Jaco Botha. (Photo: Facebook / Solareff)

One of the flagship initiatives within the Solareff stable is GridCars, the owner, operator and supplier of charge-network infrastructure with related network software for electric vehicles (EVs) in South Africa. 

Solareff bought a 75% stake in GridCars in September 2017. 

The company is in a prime position to take advantage of the global move towards more environmentally friendly vehicles as fast-rising fuel prices push more South Africans to give serious consideration to hybrid vehicles.

Jaco Botha, chief executive and co-founder of Solareff, hailed the Stanlib investment as “the beginning of our next chapter as Solareff continues to play a critical role in South Africa’s energy transition”. DM

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