Revego Africa Energy Limited (Revego), Africa’s first YieldCo focused on operating renewable energy projects in Sub-Saharan Africa, has acquired equity interests in three Solar PV projects through its investment in the Revego Africa Energy Fund. The acquisitions comprise the Aries Solar Park and Konkoonsies Solar Park, both located in the Northern Cape as well as Soutpan Solar Park located in Limpopo.
Aries, Konkoonsies, and Soutpan were constructed as a part of Bid Window 1 of the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP). Aries and Konkoonsies were finished in March 2014 and each has an 11 MW capacity, while Soutpan was finished in July 2014 and has a 30 MW capacity. The majority shareholder in all three assets is Globeleq, a leading developer, owner, and operator of independent power plants in Africa.
The solar power plants assist South Africa’s transition to clean energy and collectively provide 105,000 MWh of electricity, enough to power 23,000 homes and avert around 29,000 tonnes of carbon dioxide emissions annually. With 20-year purchase power agreements, Revego’s portfolio currently includes four solar assets and three wind assets.The acquisition is planned to be part-funded through a follow-on commitment from UK Climate Investments LLP (UKCI) into Revego of £15 million, a further endorsement of Revego.
Earlier this month, Sola Group received authorisation from the National Energy Regulator of South Africa (Nersa) to build two 100 MW solar power plants in South Africa’s North West region in May 2022. The corporate power purchase agreement was signed in March 2022 with Tronox. Through wheeling agreements, the electricity will be supplied to five Tronox facilities in the Western Cape and KwaZulu-Natal.