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Thebe’s Energy and Resources Division is guided by an active investment philosophy that strategically balances financial prudence with meaningful community and environmental outcomes. Our journey this year was marked by strengthened partnerships, sustainable new projects, and focused initiatives in environmental stewardship and community upliftment.
Sunil Ramkillawan
Chief Executive Officer, Thebe Energy and Resources
Thebe Energy & Resources takes advantage of the fact that significant resource and energy infrastructure development has to still take place within Africa. This pillar holds both upstream (exploration and production) assets such as coal mine and gas field developments, as well as downstream assets such as South Africa’s largest oil refinery and fuel distribution network. We are further developing midstream assets for oil and gas imports (LNG terminals), storage (tank terminals) and transportation (pipelines) as we realise that Africa will need to import and transport much of its energy fuel requirements going forward. The Energy & Resources Division is further geared to monetise and maximise the value of its producing and infrastructure assets across the value chain by investing in power utilities (both baseload and renewables) to provide natural off-takes, as well as chemicals, biomass and water plants.
Africa remains structurally short of reliable power and these value enhancing and vital building blocks for the African economy are well supported, enjoying sustainable capital and margin growth. The success of our renewable power business is a testament to the fact that Africa can compete with the best in the world in this sector. As African commodity markets evolve and deregulate, Thebe is ready to participate further by utilising our trading knowledge and businesses to capture margin across the commodity value chain. Although significant value has already been created in the Energy & Resources Division, we are confident that our investments will continue to return market-beating results. Thebe stands to benefit further from several strategic investments close to their BEE maturity dates, allowing Thebe to exercise its embedded real optionality in those portfolios.
Portfolio overview
Our division’s investment portfolio spans renewable energy, coal mining, and infrastructure. We predominantly hold minority stakes, complemented by significant strategic influence and governance oversight. Unlike traditional majority-control models, our approach emphasises impactful minority engagements, enabling us to effectively guide investee companies in alignment with our broader vision for sustainability and transformation.
| Sector | Key Assets |
|---|---|
| Renewable Energy | 12 REIPPPP Assets, Project Oya and Seriti Green |
| Coal and Mining | Seriti Resources |
| Infrastructure | Burgan Cape Terminal |
| Petrochemicals | Shell Downstream SA |
| Sekelo Oil Trading |
| Investment | Commentary |
|---|---|
| Seriti | Our investment in Seriti reflects Thebe’s deep exposure to mining and industrial sectors. High strategic value and national relevance. |
| Shell | Our investment in Shell continues to reflect Thebe’s longstanding role in energy and fuels, with service stations across the country. |
| Thebe Renewable Energy Holdings (TREH) | Our investment in TREH comprises 7 wind and 5 solar projects in operation and one project in construction with a gross capacity of 1.1GW. |
Within renewable energy, we have cultivated robust partnerships such as those with Engie and Seriti Green. These ventures position us strategically, enabling us to champion impactful renewable energy projects. Our investment in Seriti reflects Thebe’s commitment to sustainable diversification, notably through the innovative establishment of Seriti Green.
