South African listed Hulisani has entered into a R26.5-million share sale agreement with Pravin Semnarayan and Gareth Warner to acquire 100% of the issued ordinary shares in holding company Momentous Technologies.
Momentous is currently a 15% shareholder of Rustmo1 Solar Farm – a 7 MW solar photovoltaic plant in Buffelspoort in the North West.
Rustmo1, operated by Juwi Renewable Energies was the first independent power producer to be connected to the grid under government’s Renewable Energy Independent Power Producer Procurement Programme and has been operating since November 2013.
In February, Momentous triggered its preemptive right to acquire an additional 51% of the issued share capital of Rustmo1 from existing Rustmo1 shareholders for R88.5-milllion, plus interest.
Hulisani will fund the transaction from cash reserves.