POWER

Seriti acquires majority interest in Windlab

South African coal miner Seriti Resources has reached an agreement to acquire Windlab Africa’s renewable assets.

Windlab is developing projects in South Africa.

Windlab is developing projects in South Africa.

Seriti will pay US$55 million for a 51% controlling interest in Windlab Africa.

Windlab Africa consists of 100% Windlab South Africa and 75% of Windlab East Africa.

"This acquisition is a significant landmark on Seriti's journey to becoming a diversified energy business and supports our ESG objectives and commitments to a just energy transition," CEO Mike Teke said.

Seriti requires 750 GWh to mine coal that is used to drive South Africa's power stations. Seriti signed an MoU in October 2021 with South Africa power utility Eskom and coal miner Exxaro to start using wind and solar energy. Seriti will sign power purchase agreements in 2023.

"We need to be moving towards a larger carbon future through investing capital from coal into green energy," Teke said. "It is not only the right thing to do, but it makes business and societal sense."

Seriti will partner with Standard Bank, RMB, Ntiso Investment holdings and Windlab Managing Director Peter Venn to develop and expand the business.

"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 CEO John Martin said.

Windlab is developing two renewable projects in South Africa and east Africa, which will generate a total of 3.5GW.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalog of 2022 Initial Resource Estimates and recent discovery successes.