Fund manager takes stakes in South African solar trio

• African Infrastructure Investment Managers has acquired majority interests in the projects totalling 30MW

Fund manager African Infrastructure Investment Managers (AIIM) via its Ideas Managed Fund has acquired majority stakes in 3 brand-new solar energy plants in South Africa totalling 30MW.

The projects, which reached economic close in May, are anticipated to reach commercial procedure in March and April 2023.

They will attach by means of a combination of wheeling as well as behind the meter solutions, feeding energy right into Harmony procedures in the Welkom area in South Africa.

Construction is expected to begin in June.

They will provide 68 gigawatt-hours of electricity in the initial 12 months of operations and also 1.3 terrawatt-hours over the 20-year life expectancy of the facilities.

The portfolio has been funded via a mix of financial debt and also equity.

Equity was funded by Ideas Managed Fund as well as the Mahlako Financial Services-managed Mahlako Energy Fund 1.

Financial obligation was provided by Rand Merchant Bank, a division of FirstRand Bank.

The projects were jointly established by BBEnergy, Energy Group as well as Harmony.

AIIM investment supervisor at as well as co-portfolio manager of the IDEAS Managed Fund Sean Pal stated: "Together with our partner Mahlako, we are delighted to conclude this deal and develop a long-lasting collaboration with Harmony.

" This portfolio even more sets Ideas as a top capitalist in the renewable energy, along with the commercial and commercial personal power market specifically.

" We eagerly anticipate pursuing added investments in this market, due to the focus on clean energy and the requirement to seek a sustainable energy mix for SA."