capital · May 20, 2026
African Rainbow Energy Acquires 83% Stake in SOLA Group
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African Rainbow Energy acquired an 83% controlling stake in SOLA Group on May 18, 2026. The transaction increased African Rainbow Energy's ownership from 41% and valued the renewable energy portfolio at more than 20 billion South African rand, equivalent to around 1.2 billion US dollars. SOLA Group's portfolio includes approximately 2,000 MW of capacity with 1.5 GW operational and 500 MW under construction. Projects such as Springbok Solar and Naos-1 supply clients including Amazon, Sasol, and Vodacom. Founders Simon Haw, Chris Haw, and Dom Chennells stepped back from daily executive roles but remain shareholders and non-executive directors. Dom Wills returned as group CEO.
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