DLA Piper advised Rand Bank Standard Bank on acquisition finance of 4GW solar and power assets
DLA Piper advised Rand Bank Standard Bank on acquisition finance of 4GW solar and power assets
DLA Piper acted as the legal advisor to Rand Merchant Bank and The Standard Bank of South Africa on the acquisition finance provided to Seriti Green. The finance was used to purchase Windlab South Africa and the majority interest in Windlab East Africa's 4GW solar and wind power assets. Additionally, DLA Piper advised the funders on the shareholder funding provided to a shareholder of Seriti Green.
Seriti Green is a subsidiary of Seriti Resources focused on developing renewable energy projects. It aims to bring large-scale renewable projects into operation and lower its carbon footprint by using a portion of the generated energy to power its operations.
Seriti makes use of industry-leading tools to rapidly identify, finance, and bring into operation large-scale renewables projects, as well as contributing to the lowering of its carbon footprint. A large portion of the 4GW projects (in South Africa) will supply the company with renewable energy to power its operations.
Windlab is a global renewable energy development company with a portfolio of over 7,000 MW of potential capacity in various regions including North America, Australia, New Zealand, and Africa.
"It is a pleasure to be part of a transaction such as this that supports the governments' calls at COP27 to lower global carbon emissions. It will increase the country's investment into green energy sources and in the long run will have a positive impact, not just on climate change, but on the South African economy as well," Nick Goldberg and Jackie Pennington, directors in DLA Piper's Finance, Projects and Restructuring team in South Africa, who jointly lead this team, said.
The team was led by Jackie Pennington (directors and location head, finance, projects & restructuring (FPR)) and Nick Goldberg (director, FPR). They were supported by Byron Bromham (associate, FPR) and Arnold Saungweme (associate, FPR).
