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Exxaro consolidates interest in renewable energy JV in 1.55B rand deal

Coal and heavy minerals miner Exxaro Resources Ltd. purchased the remaining 50% interest in a renewable energy joint venture with The Tata Power Co. Ltd. in a 1.55 billion South African rand deal.

The company acquired the stake from Tata's Khopoli Investments Ltd. to take its interest in Cennergi (Pty.) Ltd. to 100%.

Cennergi owns the Amakhala Emoyeni and Tsitsikamma Community wind farms in Eastern Cape, South Africa.

Exxaro said Sept. 17 that the acquisition will help the company grow its presence in the energy sector.

CEO Mxolisi Mgojo said the company acquired the asset "at a time in South Africa where we need energy security as we respond to increasing negative sentiment towards coal-based electricity generation."