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Independent power producer Globeleq has announced that it will acquire the majority shareholding in six of South Africa’s renewable energy projects. The acquisition will add 178MW to Globeleq’s existing 238MW of solar and wind projects locally.

Globeleq to buy six local renewable plantsGlobeleq will be acquiring the shares in the six projects from Brookfield Asset Managers, an alternative asset manager based in Canada and listed on the New York Stock Exchange. The deal is subject to various approvals, and will have to be signed off by the Department of Energy.

The assets include five solar assets: Aries (11MW), Boshoff (66MW); Konkoonsies (11MW); Soutpan (31MW), and Witkop (33MW), as well as the Klipheuwel wind farm (27MW). All six of the projects were part of rounds 1 and 2 of the renewable energy IPP programme and reached commercial operations in 2014. All plants have a 20-year power purchase agreement with Eskom.

“Our team is working hard to complete this very exciting transaction. The expertise of our South African team will be able to enhance these assets by driving operational improvements and improve the existing social and economic development programmes.” Paul Hanrahan, Globeleq’s CEO said in a statement.

Michael Ozersky, head of project finance at Globeleq, added that the acquisition was a positive development for the energy sector as a whole. On completion of the deal, Globeleq will own Canada-based Brookfield’s entire shareholding in the six renewable energy plants as well as an ownership stake in Brookfield’s South African asset management company.

Image: https://www.globeleq.com/about-us/our-people/management/paul-hanrahan/

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