SOUTH AFRICA – Revego Africa Energy Ltd, a fund manager specializing in the acquisition of operational assets in the renewable energy sector has acquired stakes in three wind farms in the Northern Cape province with a combined capacity of 360 MW from investment fund manager Metier.
The transaction includes the Loeriesfontein 2 and Khobab wind farms, each of 140 MW, and the 80-MW Noupoort facility, all of which were built as part of Bid Window 3 of the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP), led by Mainstream Renewables South Africa as a sponsor.
The plants have 20-year power purchase agreements (PPAs) with local utility Eskom, backed by the Government Support Framework Agreement (GSFA).
Revego said in a statement it has acquired the wind farms from private equity fund manager Metier and Lereko but gave no further details about the terms of the deal.
The portfolio also includes the 94-MW Aurora Wind Power plant in the Western Cape, as well as the 100-MW Kathu and 50-MW Bokpoort concentrated solar power (CSP) plants in the Northern Cape.
The facility in the Northern Cape consists of 61 wind turbines supplied and installed by Siemens and is capable of delivering 140 MW of power.
In addition to Genesis Eco-Energy’s partner Metier, the wind farm is owned by Futuregrowth Asset Management, IDEAS Managed Fund, whose assets are managed by Old Mutual Investment Group, Thebe Investment Corporation, Actis, through its Actis Energy 3 fund, and the independent power producer (IPP) Mainstream Renewable Power.
“We are pleased to have played a role in three of South Africa’s largest wind assets and their contribution to building a thriving renewable energy sector in the country”
John Hannig – Head of Metier’s Sustainable Capital Practice
Most of these investors also participated in the financing and construction of the Khobab and Noupoort wind farms, which have a capacity of 140 and 80 MW respectively.
These concessions were won in the 3rd round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPP).
The wind farms are covered by 20-year power purchase agreements (PPAs) with South African state-owned utility Eskom.
“We are pleased to have played a role in three of South Africa’s largest wind assets and their contribution to building a thriving renewable energy sector in the country,” says John Hannig, Head of Metier’s sustainable capital practice.
Revego sees the acquisition of Metier’s shares in the three wind farms as part of its strategy of acquiring stakes in operational renewable energy assets in sub-Saharan Africa that have a track record of generating stable cash flows and offering dividend yields above inflation over an extended period.
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