Seriti Resources, a key coal supplier to South Africa’s power utility, will buy a majority stake in renewable energy developer Windlab Africa.
The deal worth $55 million will give Seriti a 51% stake in the wind and solar power business, the coal company said. It’s buying the assets through Seriti Green, the clean energy unit it created last year.
Seriti is “transitioning into an energy company” that’s moving toward lower carbon technology with capital from coal, Seriti chief executive officer Mike Teke told reporters in Johannesburg Monday. As the green unit looks to add renewable stations and power generation, the miner remains “committed to coal, we will run those assets,” he said.
Seriti has grown rapidly in recent years, buying mines from international resource companies including Anglo American Plc and TotalEnergies SE that have curbed their exposure to South African coal. With the renewable deal, the company joins local producers such as Exxaro Resources Ltd that have acquired clean-energy assets.
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