South African power producer BioTherm Energy has signed an agreement to sell a 60% interest in its Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) round one portfolio of operating solar and wind power plants in South Africa to global solar energy company SunEdison.
The portfolio comprised three operating assets, with a combined generation capacity of 48.5 MW, contracted under 20-year fixed-price power purchase agreements (PPAs) with State-owned power utility Eskom.
The PPAs had a weighted average contract term of 19 years.
The transaction was expected to close in the near future, subject to review from the Department of Energy and normal closing conditions.
As part of the agreement, SunEdison would assume management responsibilities for the acquired power projects beginning one year after the transaction closing date.
BioTherm’s other operations, which included developing, financing and constructing an extensive project pipeline across Africa, including its REIPPPP round four assets, as well as 74 MW of preferred bidder projects across the rest of Africa, would continue as normal.