Globeleq increases stake in South African renewables

Globeleq increases stake in South African renewables

Globeleq has increased its shareholding in the Jeffreys Bay Wind Farm, De Aar Solar and Droogfontein Solar power projects in South Africa, by acquiring Mainstream Renewable Power’s minority shareholdings in the three plants.

Globeleq will fund the acquisition through a mix of internal funds and available credit facilities.

Through its subsidiary, Globeleq South Africa Management Services Ltd, the company has been operating the renewable plants since 2014 when they achieved commercial operation in Round 1 of the Government of South Africa’s Renewable Energy IPP Procurement Program. Mainstream Renewable Power was the initial developer and managed construction of the three plants.

In addition to management and operation of the power plants, Globeleq supports unique scholarship and internship programs to develop skills and contribute to the renewable energy industry on the African continent. During the first three years of operations, the projects have contributed more than ZAR60 million (approx. USD4.17 million) to the targeted socio-economic and enterprise development programs, supporting over 90,000 households across 115 beneficiary programs.

ABOUT THE COMPANY

Founded in 2002, Globeleq has become a power industry leader by operating or acquiring interest in multiple power facilities across the world.  Now with its focus on the African continent, the company’s experience in implementing an array of generating technologies in different geographic locations, provides Globeleq with a unique perspective and strong foundation for developing new capacity.

Under the ownership of shareholders CDC (70%) and Norfund (30%), the cornerstone of the company’s strategy is to be the trusted, reliable and committed partner of choice within the African IPP industry. This can be achieved by adding significant MWs of new power generation over the next decade while positively contributing and impacting the communities in which we operate.