South Africa: AIIM announces stakes in nine renewable projects

21 Aug 2018 | 1 minute read

African Infrastructure Investment Managers (AIIM) announced on 20 August that its Ideas Managed Fund has acquired stakes in nine solar and wind power projects selected in the fourth round of South Africa’s renewable energy independent power producer procurement programme (REIPPP). All nine projects are expected to be operating by the end of 2020.

AIIM, which is part of Old Mutual Alternative Investments, acquired 50.01% stakes in six solar photovoltaic (PV) projects formerly owned by SunEdison after the latter entered chapter eleven restructuring: 63MW Bokamoso, 75MW Waterloo, 75MW Droogfontein II, 75MW Zeerust, 55MW Greefspan II, and 50MW De Wildt. The Ideas Managed Fund also holds stakes in three wind farms: 147MW Roggeveld, 110MW Perdekraal East, and 140MW Kangnas.

According to AIIM, the solar projects are now wholly South African owned, 50% directly black-owned, and more than 65% black-owned if indirect ownership is counted. There will also be 40% black participation in engineering, procurement and construction contracts and a transition to majority black-owned operations and maintenance contractors. AIIM investment director Sean Friend said, “we are looking at almost R9bn in total capital expenditure across these power projects”.

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