Exxaro wants to buy large solar, wind company – sources – News24

Exxaro wants to buy large solar, wind company – sources – News24

Friday, 30 September
29 Sep

Exxaro Resources, one of South Africa’s biggest coal miners, is considering bids for Actis’s BTE Renewables, according to people with knowledge of the matter.
Chinese firms are also interested in acquiring the assets, said the people who asked not to be identified as the information is private. Actis is seeking about $800 million (R14 billion) for the company, the people said.
From Australia to South Africa, companies and governments are looking to expand into cleaner projects in a bid to cut emissions and reduce their dependence on the dirtiest fuel. BTE generates 436 megawatts of electricity from its solar and wind-power plants in South Africa and Kenya, according to the company’s website.
Exxaro and Actis declined to comment about the potential deal.
Deliberations are ongoing and the companies could decide not to proceed with the bidding process, the people said. Actis could also retain the asset for longer, they added.
South Africa generates the majority of its power from coal and is attempting to accelerate development of green energy. Companies are also considering their own generation due to the unreliability of supply from Eskom. 
Actis, which appointed Citigroup to advise on the deal, is looking to cash in on a booming market for new power projects across Africa, where demand for electricity is growing. The London-based private equity firm sold a majority stake in Lekela Power earlier this year.
Thungela told News24 on Thursday the assertion that it is considering a bid for Actis LLP’s BTE Renewables is factually incorrect. “Thungela confirms that is not considering the acquisition of any renewables business, neither currently nor previously since listing,” the group said.
with News24. The article has been corrected to confirm that Thungela is not considering the acquisition.

29 Sep
Carol Paton
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