HomeNewsGlobeleq increases shareholding in renewable projects

Globeleq increases shareholding in renewable projects

Independent power producer, Globeleq, has today announced its increased shareholding in three of its renewable power plants in South Africa.

The firm will be acquiring Mainstream Renewable Power’s minority shareholdings in the Jeffreys Bay Wind Farm, De Aar Solar and Droogfontein Solar power projects.

The acquisition with be financed through a mix of internal funds and available credit facilities, the firm said in a statement today.

Renewable projects in operation

Through its subsidiary, Globeleq South Africa Management Services Ltd, the company has been operating the three renewable plants since 2014.

The plants achieved commercial operation in Round 1 of the Department of Energy (DoE) Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

During the first three years of operations, the projects have contributed more than R60 million (approx. $4.17 million) to the targeted socio-economic and enterprise development programmes, supporting over 90,000 households across 115 beneficiary programmes.

Mainstream Renewable Power was the initial developer and managed construction of the three plants. Read more…

This is a natural progression for Globeleq in South Africa and reinforces our ongoing commitment to powering Africa’s growth,” Paul Hanrahan, chief executive officer for Globeleq said.


Featured image: Stock

Ashley Theron
Ashley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa.