Infrastructure company Mahube Infrastructure has begun trading on the JSE, following the end of trading in shares of GAIA Infrastructure on November 3.
Mahube Infrastructure was formerly GAIA Infrastructure.
Mahube Infrastructure owns five renewable energy assets – two wind farms and three solar photovoltaic farms – all of which were licensed by South Africa’s then Department of Energy, which has since been incorporated into the Department of Mineral Resources and Energy, in the first round of bids of the Renewable Energy Independent Power Producer Procurement Programme.
The assets are all in operation and generating electricity that is sold to State-owned power utility Eskom in accordance with 20-year power purchase agreements.
In July, Mahube Infrastructure appointed Gontse Moseneke as its CEO and Petro Lewis as FD, with the primary objective of reinvigorating the focus of the organisation and pursuing initiatives to drive shareholder value.
“Mahube represents our enthusiastic response to the call to intervene in the infrastructure space in South Africa. We aim to make a meaningful contribution to infrastructure development and upkeep [through] innovative projects that can compete on a global scale.
“We have a great foundation in the platform that has been established in the company over the past five years, from which we can build a truly impactful infrastructure business. My team and I bring a nuanced approach to attracting, unlocking and directing capital into infrastructure assets and then in managing these assets to achieve superior performance,” says Moseneke.
Mahube Infrastructure’s independent nonexecutive chairperson Eddie Mbalo adds that he is pleased with the progress the company is making after a challenging few years.
“We have finally turned the corner in terms of achieving improved alignment between the interests of the shareholders, the operating team and the board. Under the executive leadership of Gontse and Petro, we have transitioned relatively smoothly towards internal management of the company’s existing business.
“From our renewed exchanges with the key shareholders, we now have better clarity about what we need to do to unlock and enable the company’s ability to grow. The executive directors have attracted cooperation from several world-class experts and have found commercial arrangements that avoid burning the candle at both ends. We are looking forward to seeing success from this team in short order,” he notes.