- Maris Ltd and Nvision Ltd have recently announced the sale of a majority stake in Equator Energy Ltd to IBL Energy Holdings Ltd, a fully owned subsidiary of the Mauritian conglomerate, IBL Group, and France’s STOA.
- Completion of the transaction is subject to the fulfillment of certain conditions precedent, including the obtention and satisfaction of relevant legal and regulatory requirements.
Equator Energy is a integrated solar PV IPP/EPC headquarted in Nairobi, Kenya with a presence in Uganda, as well as regional staff in South Sudan, Somalia, and Zimbabwe. The design, installation, operation, and maintenance of its solar power plants is all done in-house. Their solar portfolio currently stands at 35 MW in operation.
STOA is an impact investor in large-scale infrastructure and energy projects in emerging and developing countries. With €600M of committed capital, 50% in Africa, STOA’s ambition is to provide populations with 1,500 MW of accessible, functional, renewable energy by 2024.
IBL energy’s expansion into the C&I solar sector on the African continent is great for the advancement of C&I solar adoption. As IBL Group’s growth strategy includes acquisition of companies that have a lot of real estate to add solar, such as Naivas and its more than 90 stores in Kenya, I think this should help catalyze the adoption of solar within the group’s business on the content as well as the broader C&I sector.
Author: Bryan Groenendaal
