STANLIB Asset Management has announced the acquisition of a 51% controlling equity interest in Solareff and its subsidiary, GridCars through its STANLIB Infrastructure Fund II.

Solareff operates as a dedicated engineering, procurement, and construction (EPC) platform centered in South Africa. The company is resolutely committed to driving the transition towards low-carbon alternatives by implementing renewable energy solutions. Its primary objectives include the reduction of electricity expenses for local businesses and the reduction of reliance on fossil fuels. Notably, Solareff holds the majority ownership of GridCars Proprietary Limited (GridCars). In parallel with acquiring Solareff, STANLIB has introduced Solareff Green, a subsidiary focused on providing cost-effective energy solutions to commercial and industrial (C&I) clients through power purchase agreements (PPAs). STANLIB has allocated significant capital to accelerate the development of capex-free energy solutions for the C&I sector under the guidance of Solareff. This initiative is supported by Stanlib Infrastructure Fund II, which focuses on investing in diverse infrastructure projects, including renewable energy, transportation, and logistics.