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Coal Miner Seriti Buys Windlab in Shift to Renewable Energy

  • Deal worth $55 million gives coal miner majority stake
  • Seriti coal is used to generate about a third of Eskom’s power
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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. The remaining shares will be held by Windlab’s Managing Director Peter Venn with 15%, Rand Merchant Bank and Standard Bank Group Ltd. with 14.5% each, and Ntiso Investment Holdings owning 5%.