- Prescient Investment Management, through their Clean Energy Fund, will provide H1 Holdings with R220 million to fund their 46.5% equity stake in three 75MW Grootfontein solar PV farms located in Touws River in the Western Cape.
- The projects were developed by Scatec Solar, with a 51% stake and a Community Trust holding a 2.5% stake.
The projects were awarded as part of the fifth bidding round of the Department of Mineral Resources’ Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) to deliver much-needed renewable energy as part of a 20-year power purchase agreement.
“H1 Holdings’ goals align with our focus with respect to giving investors access to ESG-centric products and supporting renewable energy generation that will alleviate the energy crisis weighing heavily on South Africa’s economy, “ said Prescient Portfolio Manager and Credit Structuring Specialist, Luzuko Nomjana.
“These solar farms will also contribute to the country’s development by creating employment for previously disadvantaged people in the surrounding communities and uplifting them through other socio-economic initiatives,” he added.
South Africa’s REIPPPP Bid window 5 has been riddled with allegations of corruption and tender rigging. H1 Holdings was announced as BBBEE partner in no less that 21 of the 25 projects announced as preferred bidders. Less than half of the projects have managed to reach financial close. Read more
Author: Bryan Groenendaal