South Africa-based solar panel and component provider Solar Vision, a former wholly-owned subsidiary of REC Group, has been sold through a management buyout. Following the decision that Solar Vision was no longer considered to be a core business for the Norway-based company, the Solar Vision was divested through a management buyout.
Solar Vision, a major player in the PV rural electrification segment in South Africa, is now part-owned (76%) by Jakes Jacobs, Managing Director of Solar Vision, and is acquired through his South African company Triple J Trust; former REC employee Tommy Fernandes, through his Norwegian company InSite International AS, acquires the remaining 24% of shares.
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It is expected that Solar Vision will retain its focus on low-cost solar systems deployment, but will also look to diversifying its peripheral activities.
