Gaia acquires an interest in solar PV, wind plants
Cape Town Stock Exchange-listed Gaia Renewables 1, has acquired an interest in three renewable-energy plants from the IDEAS Renewable Energy Fund, which is managed by African Infrastructure Investment Managers.
The deal, initially funded with debt and equity, will see the fund gaining a 10% holding in each of the Linde and Kalkbult solar PV plants, in the Northern Cape, as well as a 21% stake in the Jeffreys Bay Wind Farm, in the Eastern Cape.
“The value of the transaction is in excess of R700-million,” Gaia Fund Managers CIO Dr Hendrik Snyman points out.
The two solar PV plants and the wind farm were built as part of the government’s first and second round of allocations in the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP).
“Given the uncertainty around the REIPPPP, funders and investors required these projects to be bulletproof and, as a consequence, they employed the very best technology along with a very conservative design and contracting approach. They’re the Rolls Royce of renewable-energy investments,” Snyman says.
In addition, he points to the vibrancy of a secondary market for renewable-energy shares in South Africa, stating, “this deal shows that there is a strong secondary market for infrastructure projects”.
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