Singapore-based offshore equipment distribution company, SBI Offshore Ltd, announced that its wholly-owned subsidiary, Solar Energy Investments Pte Ltd (SEI), will be expanding its roots into South Africa, to develop solar photovoltaic (PV) power plants in Hopetown.
SBI Offshore to assist in power expansion project
The initial phase of the Hopetown Project will provide 50MW of power to the local municipality, the distribution company said in a company statement.
[quote]The company added that the capacity could potentially increase to 1,000MW over the next ten years to meet community demands.
Development of the first phase is expected to commence in the second half of 2016 and is expected to take 12 months to complete, SBI Offshore said.
“The Hopetown Project will be undertaken by a subsidiary to be set up in South Africa with a local partner who will hold a minority stake,” the company said.
Funding the project
According to SBI Offshore, the Group will use its internal funds to finance its investment for the Initial Phase.
“The Group does not expect that the Initial Phase of the Hopetown Project to have any material impact on the Group’s net tangible assets per share or earnings per share for the financial year ending 31 December 2016.”
The Group anticipates that the Hopetown Project will increasingly contribute to the Group’s revenue and earnings in the long term.
“None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction, other than through their shareholding in the Company, if any,” the firm stated.
SBI Offshore said in a statement that it will communicate the appropriate announcements on any further developments in respect of the above transaction.