Billionaire Motsepe Seals R20bn Power Deal, Creates South Africa’s Renewable Energy Giant

South African billionaire Patrice Motsepe has strengthened his footprint in the energy sector after his company, African Rainbow Energy (ARE), acquired a controlling stake in SOLA Group, a move that positions the firm among the country’s biggest independently owned clean energy players.

The transaction increased ARE’s ownership in SOLA Group from 41% to 83%, giving it majority control over a renewable energy portfolio valued at more than R20 billion. The deal also cements SOLA’s status as South Africa’s leading independent power producer focused on supplying renewable electricity directly to corporate clients.

SOLA Group delivers electricity to businesses through on-site renewable energy installations and Eskom’s wheeling system, enabling power generated in one area to be transmitted across the national grid to customers in different locations.

The company currently boasts 1,100 MWp of solar power capacity and 730 MWh of battery energy storage either operational or under development. Its client list includes major corporations across mining, retail, finance, healthcare and property sectors, such as Sasol, AB InBev, Woolworths, Pick n Pay and Old Mutual.

Following the acquisition, ARE’s renewable energy and battery storage portfolio has expanded to 2,000 MW, with approximately 1.5 GW already operational and another 500 MW under construction.

ARE Chief Executive Brian Dames said the strengthened partnership reflects the company’s ambition to expand access to affordable and cleaner energy solutions for large businesses.

Motsepe added that the acquisition would reinforce ARE’s standing as one of South Africa’s most competitive energy companies while contributing to economic growth and investor returns.

Meanwhile, SOLA Group Director Dom Wills said the company remains focused on helping corporate customers transition to lower-cost, lower-carbon energy systems, adding that the new investment would significantly boost its market impact.

The deal will also usher in leadership changes, with SOLA founders Simon Haw, Chris Haw and Dom Chennells stepping back from executive duties to serve as non-executive directors and shareholders, while Dom Wills returns as Group CEO to steer the company’s next growth phase.