Oil And Gas Trader BB Energy Steps Into Renewables; Acquires Solarcentury Africa
BB Energy, a leading global energy trading company, has acquired Solarcentury Africa gaining access to its solar pipeline of more than 2GWp across 16 countries. Terms were not disclosed.
BB Energy trades more than 20 million metric tonnes (MT) of crude and products annually and is one of the most active gas oil, gasoline, bitumen, and fuel oil traders in the Mediterranean. Its investments in storage facilities are in excess of 100,000 cubic meters.
“Solarcentury Africa provides BB Energy with the opportunity to step into renewables in a part of the world where the demand for solar is accelerating and where BB Energy can bring to bear their experience of working across the continent,” said Jason de Carteret, Director at Solarcentury Africa.
Solarcentury Africa has primarily catered to mining companies interested in creating solar and storage capacity because of the radical decline in solar’s LCOE.
Norwegian utility Statkraft acquired British solar power developer Solarcentury in November for $151.34 million. As part of the deal, Solarcentury agreed to carve out its African assets and sell them to BB Energy.
The sale of the African solar unit would free up Solarcentury to focus on core markets alongside parent Statkraft.