Globeleq Acquires Solar and Wind Projects in South Africa

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  • Globeleq has completed the acquisition of four renewable generation plants and the asset management company from an affiliate of Brookfield Asset Management.
  • The solar assets acquired include Aries (11MW); Konkoonsies (11MW) and Soutpan (31MW).
  • The wind asset acquired is the Klipheuwel wind farm (27MW). 
  • The addition of these entities strongly complements Globeleq’s existing renewable power business in South Africa where the company already owns, operates and manages 238MW of solar and wind projects.
  • Acquisition of interests in the Boshof (66MW) solar plant is expected to close in the coming weeks.

Globeleq is a leading independent power producer operating and developing power projects in Africa. We strive to be the preferred partner within Africa’s grid connected, utility scale power market. The projects originally reached commercial operations in 2014 and have a 20-year power purchase agreement with Eskom.

Standard Bank acted as the sole mandated underwriter and arranger of the acquisition debt facility.  Rentia van Tonder, Head: Power, CIB Standard Bank (South Africa) commented: “The transaction is another step in growing a leading, sustainable African energy provider supported by a leading African bank.  Through our partnership with Globeleq, we are enabling growth on the continent, providing accessible and sustainable energy sources to the people of South Africa.”

Paul Hanrahan, Globeleq’s CEO, added: “The addition of these renewable plants further establishes Globeleq’s position as a power sector leader in Africa by expanding our renewable energy footprint across the continent. This acquisition will deliver significant value for all stakeholders, including the local community.”

The transaction will unlock additional equity investments into these assets and will foster skills development and knowledge transfer within the local industry.

The transaction has strong synergy with Globeleq’s existing assets and offers an opportunity for further operational improvements and as well as delivering improvements to the existing social and economic development programmes.

Author: Nicolette Pombo-van Zyl

This article was originally published on ESI Africa and is republished with permission with minor editorial changes.


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