- Revego Africa Energy Limited has acquired equity interests in a portfolio of three of Globeleq’s Solar PV assets in South Africa.
- The acquisitions include the Aries Solar Park and Konkoonsies Solar Park, both located in the Northern Cape as well as Soutpan Solar Park located in Limpopo.
- Details on how much stake has been aquired in each project was not provided in Revego’s press release.
Built as part of Bid Window 1 of the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP), Aries and Konkoonsies (completed in March 2014) each have capacity of 11 MW and Soutpan (completed July 2014) has a capacity of 30 MW. Globeleq, a leading developer, owner and operator of independent power projects in Africa is the majority shareholder in all three assets.
In its heyday, South Africa’s REIPPPP was considered to be one of the best in the world. Returns of between 18 percent and 28 percent were typical across the country’s first three bidding windows (BWs), with some early movers being rewarded with figures in excess of the upper end of the range.
Revego’s portfolio now consists of four solar assets and three wind assets, all of which have 20-year Purchase Power Agreements.
Ziyaad Sarang, Chief Investment Officer of Revego Fund Managers, the investment manager to Revego commented; “Revego’s long term ambition is to be one of the leading renewable energy investment companies, underpinned by investments in a geographically diverse portfolio of assets that reduce carbon emissions and increase resilience to climate change. With the focus on a just energy transition, we are pleased to be investing in projects that not only provide affordable and clean energy (SDG 7), but also those that support the communities and economies in remote parts of the country (SDG 8 – decent work and economic growth) and that help build the critical infrastructure of the future (SDG 9 – industry, innovation and infrastructure).”
Author: Bryan Groenendaal