REC has sold Solar Vision in South-Africa
Oslo, Norway, June 16, 2009
REC announced today 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 (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.
For more info: www.solarvision.co.za