African Rainbow Energy (ARE) has increased its stake in private power producer Sola Group from 41% to 83%, giving it majority control over its renewable portfolio.
The company will remain 100% South African owned and will accelerate its efforts to support the decarbonization of the country's power sector.
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African Energy Company
“Our partnership with Sola Group over the past five years has seen the company grow significantly by providing clean energy solutions to large South African corporates.
Brian Dames, CEO of African Rainbow Energy, said, “This acquisition, along with the additional investment, supports our vision of building a large-scale energy company that uses modern technology to provide affordable, clean energy to our customers.”
ARE Chairperson Dr Patrice Motsepe said: “This acquisition establishes African Rainbow Energy as one of the largest and most competitive, independently owned energy businesses in South Africa that provides affordable electricity and contributes to the economic development of the countries where we operate, while also providing competitive returns to our investors.
“This transaction also furthers our objective to build African Rainbow Energy into a world-class African energy company.”
Despite the existence of a state-led renewable procurement programme, Sola Group has focused on selling power to private companies through on-site projects or through Eskom's wheeling programme, which allows it to supply energy to corporates remotely.
“Sola focuses on the journey of corporate consumers, mapping their least-cost path to net zero carbon.
“This requires a deep understanding of complex technology choices, regulatory pressures, and decentralized production and storage – all expertise that sits within Sola's DNA.
“We look forward to multiplying our impact on the market as a result of this transaction,” said Dom Wills, Director of Sola Group.
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new roles
As part of the transition, Simon Haw, Chris Haw and Dom Channells will remain actively involved in the business, stepping down from their executive roles.
They will hold positions as non-executive directors on the Sola Group board while retaining shareholding in the company.
“Our commitment to Sola remains consistent with our continued shareholding and board roles.
Simon Haw says, “We are focused on creating a system that allows our hard-working and talented people to advance into leadership roles, ensuring the long-term sustainability of the business, and we believe this move accelerates that process.”
Dom Wills has been appointed Group CEO, a role he previously held from 2017 to 2024.
His return provides continuity of leadership and deep institutional knowledge as the business enters its next phase of growth.
The broader management team remains unchanged and remains fully committed to the business, providing continuity and ensuring reliable service delivery to customers, partners and project counterparties.