{"id":11155,"date":"2021-11-15T19:13:38","date_gmt":"2021-11-15T19:13:38","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11155"},"modified":"2021-11-18T10:49:06","modified_gmt":"2021-11-18T10:49:06","slug":"south-africa-uk-climate-investments-norfund-invest-in-joint-venture-to-develop-renewable-assets","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-uk-climate-investments-norfund-invest-in-joint-venture-to-develop-renewable-assets\/","title":{"rendered":"SOUTH AFRICA: UK Climate Investments & Norfund Invest in Joint Venture to Develop Renewable Assets"},"content":{"rendered":"

UKCI and Norfund are funding a South African joint venture partnership between <\/em>H1 Holdings and Pele Green Energy to develop renewable energy assets on a 50\/50 <\/em>basis.<\/em><\/p>\n

Today, Macquarie-managed UK Climate Investments (UKCI) and Norfund announced they are financing a joint venture between H1 Holdings and Pele Green Energy to fund their 40% equity participation in a 700 MW portfolio of onshore wind farms. Both partners will invest alongside Enel Green Power in one of South Africa\u2019s largest renewable energy equity deals valued at around $US100 million.<\/p>\n

UKCI and Norfund\u2019s commitment is aligned with the UN\u2019s Sustainable Development Goal number seven to increase access to clean, reliable, and affordable energy which is a critical enabler of social and economic development. However, despite having some of the world\u2019s best renewable energy sources, almost 600 million people in sub-Saharan Africa live without access to electricity.<\/p>\n

Whilst this number has been in steady decline over recent years, the COVID-19 pandemic has halted progress. 13 million more people lacked access to electricity in 2020 compared to the previous year.<\/p>\n

In addition to tackling this challenge, UKCI and Norfund\u2019s investment will also aim to accelerate South Africa\u2019s transition to a low carbon economy, with a strong emphasis on enhancing Black Economic Empowerment (BEE). To this end, the portfolio will make annual social investments in their host communities which have historically been disadvantaged. These BEE investments will strengthen the joint venture partners as leading Independent Power Producers (IPPs).<\/p>\n

The investment from UKCI deepens and strengthens the UK Government\u2019s commitment to supporting a green post Covid-19 recovery in South Africa. It also exemplified the kind of innovative climate financing and partnership between DFIs and the private sector promoted through the Climate Finance Leadership Initiative (CFLI).<\/p>\n

Macquarie and Enel are founding private sector members of CFLI and Norfund has been a leading participant among the European Development Finance Institutions who have been working with CFLI members on partnering together in emerging and developing markets.<\/p>\n

Richard Abel, Managing Director of UKCI<\/strong>, said: \u201cUK Climate Investments has operated in the region for over three years now and has committed more than \u00a367million across several exciting renewable energy projects. This partnership and investment is another
\nsign of the growing maturity of the market and an indication that the future of green
\nfinance in sub-Saharan Africa will be bright. We\u2019re proud to be a part of the solution to
\ntransition towards a lower-carbon energy system.\u201d<\/p>\n

Bj\u00f8rnar Baugerud, Vice President \u2013 Clean Energy in Norfund<\/strong>, said: \u201cNorfund believes that providing increased access to affordable renewable energy is an effective way to contribute to create jobs and improve lives. Increasing the share of renewables in the South-African energy mix is also an important contribution to limit the climate crisis. We are confident that this new partnership will be an effective tool to reach our common goals.\u201d<\/p>\n

British High Commissioner to South Africa, Antony Phillipson<\/strong>, said: \u201cThe UK Government is committed to making sizeable climate finance investments here in South Africa. This latest initiative from UK Climate Investments will support the expansion of renewable energy and boost local ownership in the sector. It is vital that we maximise the potential of renewable energy as South Africa looks to tackle its current energy deficit and deliver their ambitious Nationally Determined Contribution (NDC) with its targets for emissions reductions by 2030. This is a key part of delivering a just transition.\u201d<\/p>\n

Reyburn Hendricks, CEO of H1 Holdings<\/strong> said, \u201cH1 is proud to play a role in assisting
\nin the portfolio of wind farms to become a reality. We look forward to working with our
\nfunding partners, UKCI and Norfund, as well as our fellow shareholders, Enel Green
\nPower and Pele Green Energy, in contributing to meeting South Africa\u2019s commitments to
\na lower-carbon energy system.\u201d<\/p>\n

Gqi Raoleka, MD Pele Green Energy (PGE)<\/strong> said \u201cWe are proud to partner with leading global investment firms such as the UKCI and Norfund to drive a Just Energy Transition in South Africa. This investment expands our operational involvement in wind farms across South Africa but of more significance is the offshore direct investment being attracted into the South African economy. We are humbled to continue serving the objectives of the National Development and Integrated Resource Plans, as these projects form part of the government\u2019s Renewable Energy Independent Power Producers (REIPPP) Programme.<\/p>\n

H1 Holdings is renowned for its fundraising abilities, thus fulfilling a crucial element of the global requirement to increase funding for renewable energy and climate action. Pele
\nGreen Energy, which will assume a more operational role across the portfolio, will bring
\ntechnical expertise given their unique position as one of the few South African IPPs that
\ncontrols and operates a utility-scale power plant.<\/p>\n

Enel Green Power, who will retain a 60% ownership interest in the portfolio, have a proven track record of successfully delivering renewable energy projects in South Africa, as well as other markets<\/p>\n","protected":false},"excerpt":{"rendered":"

UKCI and Norfund are funding a South African joint venture partnership between H1 Holdings and Pele Green Energy to develop renewable energy assets on a 50\/50 basis. Today, Macquarie-managed UK … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":6691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,4746,4748,7445,11,4749],"tags":[9501,3296,9765,9725,1171,9767,3085,9766,2371,9764],"class_list":["post-11155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-renewables-2","category-solar","category-southern-africa","category-top-news","category-wind","tag-clean-energy","tag-climate","tag-enel-green-power","tag-h1-holdings","tag-investment","tag-macquarie","tag-norfund","tag-pele-green-energy","tag-south-africa","tag-ukci","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/01\/wind-1-scaled.jpg?fit=2560%2C1886&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2TV","jetpack-related-posts":[{"id":5366,"url":"https:\/\/www.oilnewskenya.com\/index.php\/scatec-solar-norfund-sign-power-purchase-agreement-for-mozambiques-first-large-scale-solar-plant\/","url_meta":{"origin":11155,"position":0},"title":"Scatec Solar, Norfund sign Power Purchase Agreement for Mozambique’s first large scale Solar Plant","author":"","date":"November 1, 2016","format":false,"excerpt":"Scatec Solar \u00a0and Norfund \u00a0have signed the Power Purchase Agreement securing\u00a0 the sale of solar power over a 25 year period to the state owned utility Electricidade de Mozambique (EDM). The agreement was signed at a ceremony in Maputo yesterday in the presence of the Norwegian Minister of Foreign Affairs,\u2026","rel":"","context":"In "Renewables 2"","block_context":{"text":"Renewables 2","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/renewables-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/11\/Scatec-solar-2.png?fit=600%2C311&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/11\/Scatec-solar-2.png?fit=600%2C311&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/11\/Scatec-solar-2.png?fit=600%2C311&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8373,"url":"https:\/\/www.oilnewskenya.com\/index.php\/infrastructure-fund-africa50-helps-egypts-solar-power-sector-take-off\/","url_meta":{"origin":11155,"position":1},"title":"Infrastructure Fund Africa50 helps Egypt\u2019s Solar Power Sector take off","author":"","date":"June 18, 2020","format":false,"excerpt":"A 37-square-kilometer solar park so large that it can be seen from space, with over seven million photovoltaic panels, and funding of $4 billion. In Africa? Impossible? Not anymore.Thirty international infrastructure developers got behind this project, investing in Egypt\u2019s massive Benban solar park, which will be the largest in the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Benban-solar-pack.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Benban-solar-pack.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Benban-solar-pack.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Benban-solar-pack.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2795,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africa-energy-summit-kicks-off-oslo-norway\/","url_meta":{"origin":11155,"position":2},"title":"Africa Energy Summit Kicks off in Oslo, Norway","author":"","date":"April 10, 2015","format":false,"excerpt":"African Ministers of Energy from Ghana and Zambia are amongst the attendees at the Norway - Africa Energy Summit organized by Norfund and the Norwegian-African Business Association (NABA). The African Ministers of Energy will, alongside energy companies, investors and researchers, highlight the current status on energy in Africa. They will\u2026","rel":"","context":"In "Events"","block_context":{"text":"Events","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/events\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/03\/Africa-lighting.png?fit=400%2C301&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4999,"url":"https:\/\/www.oilnewskenya.com\/index.php\/lake-turkana-wind-power-project-achieves-financial-close\/","url_meta":{"origin":11155,"position":3},"title":"Lake Turkana Wind Power Project Achieves Financial Close","author":"","date":"December 19, 2014","format":false,"excerpt":"Following the financial close of Lake Turkana Wind Power Project (LTWP) on 11 December 2014, LTWP has received the first disbursement of funds pursuant to financing agreements signed in March 2014. \u201cReaching this important milestone today caps a year of major achievements by LTWP,\u201d said Mugo Kibati, LTWP\u2019s Chairman of\u2026","rel":"","context":"In "Wind"","block_context":{"text":"Wind","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/renewables-2\/wind\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/08\/LTWP-Site_23rd-Feb-2016_005.jpg?fit=700%2C467&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/08\/LTWP-Site_23rd-Feb-2016_005.jpg?fit=700%2C467&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/08\/LTWP-Site_23rd-Feb-2016_005.jpg?fit=700%2C467&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/08\/LTWP-Site_23rd-Feb-2016_005.jpg?fit=700%2C467&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11060,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-mainstream-projects-to-deliver-1-27gw-of-new-clean-power\/","url_meta":{"origin":11155,"position":4},"title":"South Africa: Mainstream Projects to Deliver 1.27gw of New Clean Power","author":"","date":"October 30, 2021","format":false,"excerpt":"Global wind and solar company, Mainstream Renewable Power, today announces that 12 of its projects have won preferred bidder status in Round 5 of South Africa\u2019s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). 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