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Globeleq to acquire South African renewable assets from Brookfield

Globeleq aims to expand its presence in South Africa’s renewable sector. (Image source: h080/Flickr)

Globeleq, a power sector leader in Africa, has acquired Brookfield Asset Management’s interests in its South African renewable energy portfolio

The agreement is subject to various closing conditions, said Globeleq. Once fulfilled, it will give Globeleq a majority shareholding in six renewable projects totalling 178MW, as well as ownership in Brookfield’s South African asset management company.

Globeleq is a long-term strategic investor in Africa. 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, CEO of Globeleq, stated that with this agreement, it aims to drive operational improvements and improve the existing social and economic development programmes.

The assets include five solar assets such as Aries (11MW), Boshoff (66MW), Konkoonsies (11MW), Soutpan (31MW) and Witkop (33MW) and the Klipheuwel wind farm (27 MW). The six projects were part of rounds one and two of the South African government’s renewable energy programme and reached commercial operations in 2014. All plants have a 20-year power purchase agreement with Eskom.

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