Standard Bank supports Seriti in its acquisition of Windlab Africa
08 Aug 2022
Seriti is a broad-based, 91% black-owned and controlled mining company that contributes towards 46% of Eskom’s coal production. The acquisition of Windlab Africa was made through its subsidiary Seriti Green, a new renewable energy player in South Africa.
Standard Bank acted as sole financial advisor and equity partner to Seriti on the deal. The bank not only identified the Windlab opportunity but also provided funding for Seriti Green management and Seriti’s strategic partner.
This transaction is in line with the bank’s commitment to partnering with clients by providing full banking solutions across multiple products and sector expertise which supported Seriti on their energy transition journey towards becoming a diversified energy group.
Seriti Green will become an independent power producer, and the transaction will have a significant impact on the country’s renewable energy sector by ensuring the creation of accessible and affordable renewable electricity and reducing the need for carbon-based energy sources. Seriti Green will acquire a pipeline of projects under development of around 3GW, mainly focusing on captive power solutions but with the ability to feed into the national grid.