REC Sells Solar Vision in South Africa

REC announced that the ownership of Solar Vision (PTY) Ltd., which has until recently been a fully owned subsidiary of REC, are no longer defined as core business for REC and has consequently been sold through a management buyout.

REC entered the rural solar energy off-grid markets as a pioneer in several African markets. Through its activities and investments, it has shown that Solar Vision is a successful player in the PV rural electrification segment in South Africa. Solar Vision will build from this platform with a new and more focused ownership.

Solar Vision is divested through a management buyout, where Jakes Jacobs, managing director of Solar Vision, will buy a majority (76%) through his South African Triple J Trust, and Tommy Fernandes, a former REC employee, will hold the remaining (24%) shares through his Norwegian company InSite International AS.

Solar Vision will continue its current activity related to sustaining a low cost solar-home-systems deployment, but also develop new related activities.