Newly established renewable-energy special-purpose acquisition company (Spac) Hulisani listed on the main board of the JSE earlier this month, taking advantage of investor demand for energy assets in South Africa and the rest of Africa.
Company CEO Malungelo Zilimbola highlights that the formation of the company was prompted by the need to address the poor economic growth of South Africa, which he says is “constrained by the energy capacity of the country”.
He tells Engineering News that Hulisani believes energy is “the life blood of the economy” and that South Africa will not experience economic growth without investment into improving its energy capacity.
Zilimbola adds that the company is dedi-cated to contributing to improving capacity con-straints by investing in renewable-energy projects.
However, he asserts that Hulisani will not only focus on addressing South Africa’s energy constraint challenges but would look to contribute to developing the continent.
It would achieve this through job creation, economic development and greater economic participation by previously disadvantaged communities, which Zilimbola suggested could be resolved though the development of renewable energy projects across Africa.
“For us it is about sustainability, economic participation, as well as economic growth and development.”
Zilimbola noted that Hulisani currently had a project pipeline of about R2.5-billion across Africa.
He estimated that the company would announce its first renewable energy investment in the next two months.
Meanwhile, he congratulated the Department of Energy’s Renewable Energy Independent Power Producer Procurement Programme, which he said was “lauded as the best in the world” and could be used to address other infrastructure challenges faced by South Africa, such as water, roads and housing.
“We are excited that, as the private sector, we are getting involved and doing our bit and we are happy that government has done such a brilliant job in putting together this framework.”
The share capital of Hulisani would comprise 1-million authorised but unissued shares and 50 000 020 issued shares at R10 a share.
Hulisani was granted a listing by the JSE by private placement to raise R500-million to qualify for a listing as a Spac to pursue the acquisition of viable assets in terms of the listings requirements.