Patrice Motsepe doubles SOLA Group stake to 83% in R20 billion bet on South Africa's renewables boom

Patrice Motsepe's African Rainbow Energy has acquired a controlling stake in SOLA Group, taking majority control of South Africa's largest corporate-serving independent power producer in a deal that pushes the billionaire's renewables platform past 2,000 megawatts of operational and under-construction capacity.

Deal lifts Motsepe stake to 83% in SOLA Group

The transaction raises African Rainbow Energy's holding in SOLA Group from 41 percent to 83 percent, giving the Motsepe-backed platform control of a renewables portfolio valued at more than 20 billion rand. The deal vaults African Rainbow Energy into the top tier of South Africa's independently owned energy businesses by installed and contracted capacity, deepening Motsepe's bet on the country's accelerating private-sector power generation shift.

SOLA Group, founded by Simon Haw, Chris Haw and Dom Chennells, supplies electricity directly to businesses through on-site renewable projects and Eskom's wheeling program, which allows power generated at one site to be transmitted across the national grid to customers elsewhere. The company has 1,100 megawatts of solar photovoltaic capacity and 730 megawatt-hours of battery energy storage either operating or under construction.

Blue-chip client base spans retail, mining and finance

The acquired business serves a roster of large South African corporates that includes Sasol, Eskom, Tronox, Aspen, AB InBev, Woolworths, Pick n Pay, Clicks Group, Mr Price Group and Coca-Cola Beverages Africa. SOLA also supplies property groups such as Redefine Properties, Growthpoint Properties, Resilient REIT and Vukile Property Fund, alongside Old Mutual and Netcare in financial services and healthcare.

Following the increased investment, African Rainbow Energy now has exposure to a diversified renewable and storage portfolio totaling roughly 2,000 megawatts. About 1.5 gigawatts is already operational, with a further 500 megawatts under construction. The expanded scale gives the platform meaningful negotiating leverage with corporate offtakers seeking to lock in long-dated power purchase agreements as Eskom tariff pressure continues.

Founders step back as Dom Wills returns as group chief executive

"This acquisition positions African Rainbow Energy as one of the largest and most competitive, independently owned energy businesses in South Africa," Motsepe said, framing the deal as a step toward building a world-class African energy company. African Rainbow Energy chief executive Brian Dames said the five-year partnership with SOLA had already delivered significant growth and that the larger stake will accelerate clean energy delivery to South African corporates.

Founders Simon Haw, Chris Haw and Dom Chennells will remain involved as non-executive directors and shareholders, stepping back from executive responsibilities. Dom Wills has returned as group chief executive, a role he previously held between 2017 and 2024, with the broader management team unchanged as the business enters its next phase of expansion under majority African Rainbow Energy control.