Pinnacle Holdings Ltd. has signed an agreement with the shareholders of Solareff (Proprietary) Ltd. to acquire 51% of the solar company.
Solareff has completed and a number of turnkey solar projects in Southern Africa ranging from 20 kilowatts to as large as 5 megawatts solar power installations. It does both rooftop and ground solar installations for mainly corporate customers.
“The board of Pinnacle has decided that it is strategic for the group to enter the renewable energy space,” Pinnacle said in statement. “With Pinnacle’s vast footprint in Southern Africa, as well as a reputation for quality solutions, it is ideally placed to assist Solareff in expanding its business further across the region.
“Pinnacle will also integrate the solar photovoltaic product into its existing product range and aim to become the market-leading distributor of the products”