News flash
- Listed on the Cape Town Stock Exchange, Gaia Renewables 1 has acquired stakes in two renewable energy plants from the IDEAS Renewable Energy Fund which is managed by African Infrastructure Investment Managers (AIIM) for R200 million.
- This follows reaching financial close pursuant to project lender approval last week, with The Competition Commission South Africa approval in April.
The deal, initially funded with debt and equity, will see the fund gaining a 10% holding in each of the Linde and Kalkbult solar photovoltaic plants in the Northern Cape.
The fund will issue a batch of preference shares to existing shareholders with additional issuances to follow over the next 12 months to fund additional transactions.
Says Dr. Hendrik Snyman, Chief Investment Officer (CIO) of Gaia Fund Managers, “These pioneering renewable energy projects, built with a robust and low-risk approach, have demonstrated an excellent operational track record and we are confident they will continue to deliver inflation-linked returns to our investors.”
Author: Bryan Groenendaal
