Eskom coal supplier Seriti buys Windlab as it moves to 'greener energy'
Seriti Resources, which supplies coal to Eskom, has acquired a R892-million stake in Windlab Africa as it transitions to green energy.
Seriti says with its 51% stake in Windlab it aims to reduce its own carbon emissions and have a diversified energy business.
Windlab Africa has 3.5 gigawatts of renewable energy projects at different stages of development in South Africa and east Africa.
Seriti Resources CEO Mike Teke says as they transition to cleaner energy, they will remain a coal company.
"We are transitioning into an energy company that recognises that whilst we run our coal mine businesses there are opportunities in the energy space, the opportunities include investing in solar, wind and this forms part of just energy transition."
Last month president Cyril Ramaphosa announced that independent power producers will now be allowed to sell their self-generated power to Eskom.
Windlab Managing Director Peter Venn says they cannot rule out selling their wind generated power to struggling Eskom.
"If the market is good and Eskom is a good buyer that is of interest but at the moment the biggest challenge for this market is speed, while I think the structure of the bid windows are good, they don't talk to speed. At the moment what we need in this country is speed to put megawatts hours on the grid."
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