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Hulisani signs R26.5m deal to earn a stake in solar farm

21st April 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

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JSE-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 pre-emptive right to acquire an additional 51% of the issued share capital of Rustmo1 from existing Rustmo1 shareholders for R88.5-milllion, including interest.

Hulisani will fund the transaction from cash reserves.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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