Infrastructure investment holding company Gaia Infrastructure Capital has transitioned its JSE-listing from special purpose acquisitions to the investment services sector after a R501-million acquisition of a 25.2% economic interest in Dorper wind farm.
The acquisition became unconditional in December after Gaia secured the Department of Energy’s (DoE’s) approval.
“In line with our listing commitments, we have reached a notable milestone with the completion of our first transaction, enabling Gaia to become a fully-fledged infrastructure investment holding company,” said Gaia CEO Prudence Lebina.
Dorper, which owns a fully operational 98 MW wind farm in the Eastern Cape, formed part of the first round of the Renewable Energy Independent Power Producer Procurement Programme.
“We have every confidence in Dorper’s prospects. The wind farm has been operational since 2014 and has a 20-year power purchase agreement with State-owned power utility Eskom, as well as a government-backed guarantee,” Lebina added.
The firm is now reviewing other opportunities within the energy, transport and water and sanitation sectors.