London based oil and gas trader, BB Energy (BBE), has acquired Solarcentury Africa (SCA), the subsidiary of solar energy provider Solarcentury. The terms of the transaction and acquisition fees were not disclosed. Through this transaction, BBE’s newly formed Renewables Division will gain access to a pipeline of 2,1 GW worth of solar energy & battery storage projects in the commercial and industrial (C&I) sectors across Africa.
Solarcentury Africa will retain its original brand identity during the transitional period.
B.B. Energy (BBE) is diversifying its business operations. The company trades more than 20 million metric tonnes (MT) of crude and products annually and is one of the most active gas oil, gasoline, bitumen, and fuel oil traders in the Mediterranean. Its investments in storage facilities are in excess of 100,000 cubic meters.
“With the creation of our Renewables Division last year, and this landmark acquisition, we ambition to remain a leader in the industry while supplying more green energy to our planet in line with our group and our stakeholders energy transition goals,” said Group CEO BB Energy, Mohamed Bassatne.
The acquisition of Solarcentury Africa represents the second investment made by BBE Renewables Division in less than a year and their first fully owned subsidiary.
Read More: Solarcentury building a solar-plus-storage system for Mozambique mine
Global Head of Renewables BB Energy commented saying; “The acquisition of SCA is a major step in our energy transition journey. This investment will help us achieve key milestones in our strategy, less than a year after the launch of Renewables Division. Solarcentury Africa will indeed offer a full set of in-house technical expertise and experience in the fast-growing Solar & Battery industry, together with a mix of live and near-term developments. More importantly, by targeting large C&Is (mining, upstream, heavy industry) in Africa, SCA value proposal perfectly complements our group’s energy offer in the continent.”
Solarcentury’s main business unit was acquired by Norwegian renewables giant Statkraft late last year in a deal worth almost £120 million (US$161 million). The transaction gave Statkraft access to a 6GW solar pipeline in various markets, while Solarcentury’s in-house expertise would help Statkraft accelerate its renewables ambitions.
Solacentury says the sale of its African business will allow it to focus on its core markets in concert with Statkraft.
