African Infrastructure Investment Managers (AIIM) has acquired majority stakes in nine renewable energy projects that will contribute 800 MW to the national grid.
The projects, acquired through its IDEAS Managed Fund – one of South Africa’s largest domestic infrastructure equity funds – will fall under round four of the government’s Renewable Energy Independent Power Producer Procurement programme, which seeks to add 2,300 MW of clean energy to the grid over the next five years.
With a 50.1 percent stake in each of the new solar and wind projects, the IDEAS Managed Fund will play a significant role in economic development. “We are delighted to have completed these renewable energy deals. The new plants will provide essential clean energy to the grid which, in addition to environmental benefits, will help boost economic growth by creating jobs in construction and follow up operations and maintenance,” said Investment Director at AAIM Sean Friend in a company statement.
According to reports by the Renewable Energy Magazine, the projects are expected to produce enough power to supply 523,000 medium sized homes.
The projects are six solar and three wind farms and are expected to be fully operational by 2020.
- Bokamoso – 67.9MW
- Waterloo – 75MW
- Droogfontein II – 75MW
- Zeerust – 75MW
- Greefspan II – 55MW
- De Wiltd – 50 MW
- Roggeveld – 147MW
- Perdekraal – 110MW
- Kangas – 140MW
AIIM is a wholly owned subsidiary of Old Mutual.
Ashwin West, Investment Director of African Infrastructure Investment Managers, will speak at the Africa Oil & Power conference in Cape Town on September 5-7.