African Infrastructure Investment Managers (AIIM), through its IDEAS Managed Fund has acquired stake in nine solar and wind projects totalling 800MW in South Africa.

AIIM

Image: AIIM to acquire stake in nine renewable projects in South Africa. Photo: Courtesy of RK008/FreeDigitalPhotos.net

AIIM’s solar and wind projects are part of South African government’s Renewable Energy Independent Power Producer Procurement programme (REIPPP).

When all the nine facilities will be operational in 2020, they will generate about 2.4GWh clean electricity annually, which can be supplied to 522,730 average South African homes, while reducing 2.4 million tonnes of carbon emissions.

This additional clean power capacity has been added under the Round 4 of REIPPP, which is aimed at securing 2.3GW of renewable electricity for the country’s national grid over the next five years.

As part of the deal, AIIM has acquired 50.01% stake in the solar projects 67.9MW Bokamoso, 75MW Waterloo, 75MW Droogfontien II, 75MW  Zeerust, 55MW Greefspan II and 50MW De Wiltd.

It has also acquired stake in the three wind projects 147MW Roggeveld, 110MW Perdekraal and 140MW Kangnas.

African Infrastructure Investment Managers investment director Sean Friend said: “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.

“We also expect the investment to stimulate further economic development in the areas where the new renewable facilities are located.”

AIIM is planning to invest ZAR9bn ($625.2m) in total capital expenditure for these projects.

Since its establishment in 1999, AIIM’s IDEAS Managed Fund has completed 35 investments across infrastructure projects. Presently, AIIM manages $2.1bn in assets across power, telecommunications and transport sectors, operating in 15 countries in East, West and Southern Africa.