Globeleq has recently acquired Brookfield’s interests in its South African renewable energy portfolio, which will give the EPC a majority shareholding in six renewable projects totaling 178MW, as well as ownership in Brookfield’s South African asset management company.
The agreement is subject to various closing conditions and the majority share will only be achieved upon fulfillment of these conditions.
The addition of the Brookfield assets fully complements its existing power plants in South Africa where it owns, operates and manages 238MW of solar and wind projects and sets the stage for Globeleq to continue to expand its renewable energy portfolio throughout the continent.
Paul Hanrahan, Globeleq’s CEO stated: “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.” Read more: Globeleq increases shareholding in renewable projects
The assets include five solar assets: Aries (11MW), Boshoff (66MW); Konkoonsies (11MW); Soutpan (31MW), and Witkop (33MW) and the Klipheuwel wind farm (27MW).
The six projects were part of rounds 1 and 2 of the South African Government’s renewable energy IPP programme and reached commercial operations in 2014.
All plants have a 20-year power purchase agreement with the country’s national utility, Eskom.