REC Sells South African Solar Unit

Norwegian manufacturer of solar energy parts Renewable Energy Corp., ASA sold its South African subsidiary Solar Vision Ltd. to its management.

Solar Vision, a major player in the PV rural electrification segment in South Africa, is now part-owned by Jakes Jacobs, Managing Director of Solar Vision, with 76% of the shares and is acquired through his South African company Triple J Trust; former REC employee Tommy Fernandes, through his Norwegian company InSite International AS, acquires the remaining 24% of shares.

The unit is “no longer defined as core business for REC,” the company said. “Solar Vision will continue its current activity related to sustaining a low cost solar-home-systems deployment, but also develop new related activities.”

The price of the transaction wasn’t disclosed in the statement.