Globeleq adds four more plants to South African renewables portfolio
Africa-focused independent power producer Globeleq announced on Thursday that it had finalised the acquisition of four more South African renewable-energy plants, adding to an existing 238 MW wind and solar portfolio in the country.
The plants and the asset management company were purchased from an affiliate of Brookfield Asset Management, which initiated a limited sale process for its South African assets.
Globeleq was granted exclusivity on the deal in July last year and financial close for the four plants was reached in May this year.
The transaction value was not disclosed, but Globeleq confirmed that it included three solar photovoltaic plants – Aries (11 MW); Konkoonsies (11 MW) and Soutpan (31 MW) – and the 27 MW Klipheuwel wind farm.
Standard Bank acted as the sole mandated underwriter and arranger of the acquisition debt facility.
The company also reported that it expected to acquire interests in the 66 MW Boshof solar plant in the coming weeks.
All of the power stations entered into commercial operation during 2014 and have 20-year power purchase agreements with South Africa’s State-owned power utility, Eskom.
“The addition of these renewable plants further establishes Globeleq’s position as a power sector leader in Africa by expanding our renewable energy footprint across the continent,” CEO Paul Hanrahan said in a statement.
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