Change in Shareholding

As announced 22 January 2021, the Competition Tribunal of South Africa, approved, without conditions, the transaction whereby Greenstreet, through its Stanlib Fund II SPV, will acquire shareholding in Solar Capital De Aar 3 (SCDA 3) from existing shareholders. Post-merger, said the regulator, Stanlib Fund II SPV will exercise joint control over SCDA 3.

Stanlib Fund II SPV is a private equity investment fund established to acquire a portfolio of infrastructure assets and is ultimately controlled and owned by Stanlib Asset Management, which is, in turn, wholly-owned and controlled by Stanlib, it added.

The tribunal noted that of relevance to the proposed transaction are the controlling interests held by the acquiring group in various wind and solar photo-voltaic (PV) independent power producers (IPPs) that operate under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

SCDA 3, the target firm, is a renewable energy project company and does not control any firms, the tribunal explained, pointing out that as an IPP, SCDA 3 is contracted to supply solar PV energy to Eskom under the REIPPPP.

SDCA 3 is located in the Northern Cape within the Pixley ka Seme District Municipality, and the tribunal approved the transaction without conditions.

Source:
https://www.comptrib.co.za/open-file?FileId=52605