Energy investment company to list on AltX
Renergen, a holding company focused on investing in alternative energy projects, will list on the AltX as a special purpose acquisition company on June 9.
It had already raised about R74-million by way of a private placement from blue-chip investors to enable it to invest in alternative- and renewable-energy assets in South Africa and sub-Saharan Africa.
“We believe that the world is on the verge of unprecedented growth in the production and use of alternative energy sources. By increasing access to reliable, clean energy we can accelerate economic growth in sub-Saharan Africa, where potential energy resources are more than sufficient to meet the region’s overall needs,” commented Renergen CEO Stefano Marani.
The company, which was considering a number of acquisitions, would invest up to R500-million in alternative- or renewable-energy projects, such as natural gas and hydropower, using debt and top-up equity from shareholders as required to deliver competitive returns on capital employed.
Renergen was considering projects that recently started generating revenue or that were close to generating revenue.
“These could include opportunities in outdated infrastructure with a view to modernisation, thereby improving the overall carbon footprint and profitability of the operation,” it added.
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