Fund manager Vantage said late on Monday it had, through its renewable energy fund Vantage GreenX Note II, provided R2.05-billion of funding to six solar and wind energy projects in South Africa with a combined capacity of 433 MW.
The projects, which are part of South Africa's Renewable Energy Independent Power Producer Procurement Programme, reached financial close in July.
"Each of these projects has strong, experienced sponsors and solid project fundamentals. Together they represent a geographically diverse portfolio of assets," Vantage GreenX managing director Alastair Campbell said.
"Despite the difficulties experienced by stakeholders in the industry over the last two years, we hope that the conclusion of this round of projects represents a watershed moment for the South African renewable energy industry and provides forward momentum to the sustainability of the domestic energy sector as a whole."
Vantage GreenX is part of Vantage Capital, which manages capital of just over R11-billion in five distinct mezzanine debt and renewable energy debt funds and targets high-growth African countries including South Africa, Ghana, Nigeria, Côte d’Ivoire, Ethiopia, Kenya, Tanzania, Uganda, Zambia, Botswana, Egypt, Morocco and Namibia.