South Africa-based investment company Reunert, which manages a portfolio of businesses in the fields of electrical engineering, information communication technologies and applied electronics, announced it has agreed to acquire a 51% interest in South African solar EPC contractor Terra Firma Solutions.
The company said that, through this operation, it intends to move towards renewable energy and independent power production. Reunert noted that Terra Firma has a strong order book and firm relationships with major property and industrial groups. The company, Reunert said, is operating in South Africa, “but also north of our borders”.
Financial terms of the transaction were not revealed.
Terra Firma Solutions has installed approximately 10 MW of PV capacity to date. The company offers a turnkey solar PV solution from feasibility study to turning on and maintaining the system.
Prior to this transaction, Terra Firma Solutions’s largest shareholders were management and staff. Contributing shareholders are also the Lubner Family and local financial services provider SASFIN Bank.