30GW Solar Sparks in S.Africa: POWGEX-HYFI

• POWGEX-HYFI and BioPower announce an opportunity to build up to 30 GW of solar power plants in South Africa’s Mpumalanga province, with the initial capacity starting in 2024 and an estimated project cost of USD 2.5 billion. Lead financial adviser Signet Capital arranges a USD-450-million private placement.

BioPower and POWGEX have announced an opportunity to build up to 30 GW of solar power plants in South Africa's Mpumalanga province. The JV, called POWGEX-HYFI, has been invited to build a 1 GW solar-plus-storage facility at an estimated project cost of USD 2.5 billion. The construction of the initial capacity is scheduled to start in the first quarter of 2024 and includes the cost of solar PV panels, battery storage, engineering, procurement and construction (EPC) and operations and maintenance (O&M) services. BioPower has a 19.99% stake in the joint business, and Signet Capital has been appointed as a lead financial adviser to arrange a USD-450-million private placement for POWGEX-HYFI.

What Is POWGEX-HYFI's USD 2.5 Billion Solar-Plus-Storage Project in Mpumalanga?

• POWGEX-HYFI is a joint venture between BioPower and POWGEX to build up to 30 GW of solar power plants in South Africa's Mpumalanga province.
• The project includes the construction of a 1 GW solar-plus-storage facility with an estimated project cost of USD 2.5 billion.
• Construction of the initial capacity is scheduled to start in the first quarter of 2024 and will include solar PV panels, battery storage, engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.
• BioPower has a 19.99% stake in this joint venture, and Signet Capital has been appointed as a lead financial adviser to arrange a USD-450-million private placement for POWGEX-HYFI.
• The project is expected to create thousands of direct and indirect jobs and stimulate local economic growth in the Mpumalanga province.
• The project will support the South African government’s goals of transitioning to a low-carbon economy and increasing its energy security.