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Infinity + Pele awarded six solar projects in South Africa: Infinity Power — a joint venture between Infinity and UAE renewables giant Masdar — and Pele Green Energy have been awarded six solar PV projects with a total capacity of 1.28 GW in South Africa, according to a press release. The projects are set to triple Infinity’s portfolio in the country.
More details: The projects were part of the seventh round of the South Africa Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). Each project will be 51% owned by Infinity and 49% owned by Pele Green Energy.
Here is the breakdown of the projects:
- A 240 MW Highveld solar farm in the Province of Mpumalanga;
- Three plants in Limpopo Province including the Palladium 1 and Copper 1 boasting a 240 MW capacity each and the 150 MW Vanadium 1 farm;
- The 220 MW Onderstepoort 1 and 190 MW Onderstepoort 2 in North West Province.
What’s next? The companies expect to sign implementation and Power Purchase Agreements with the government within the next eight months, the statement notes.
Infinity and SA go way back: Infinity has five operating wind plants in the country with a total capacity of 624 MW and has a pipeline of under-development projects — three solar and one wind — with a total capacity of 2.4 GW, according to the company’s website.
REMEMBER- The company has its sights on Africa: Infinity has set a target to reach 10 GW of capacity in Africa by 2030, with some USD 5 bn in expected investment tickets to realize the strategy. Last year, it acquired the Africa-focused wind power platform Lekela Power, which had 1 GW of wind capacity in Egypt, Senegal, and SA, and a pipeline of another 1.8 GW projects.
IN OTHER MASDAR NEWS-
It’s a wrap for Masdar’s Endesa acquisition: Emirati state-owned renewables giant Masdar finalized the acquisition of a nearly 50% stake in EPGE Solar, a subsidiary of Spanish power utility Endesa, for an enterprise value of EUR 817 mn and an equity value of EUR 280 mn, according to a press release (pdf).
REFRESHER- The agreement, first announced in July, will see Endesa have complete ownership of the energy generated by EPGE’s 2 GW solar portfolio under 15-year power purchase agreements. Meanwhile, both companies will mull a potential battery energy storage system hybridization developed on the portfolio of EPGE’s solar plants with up to 0.5 GW of additional capacity.
It’s been a busy month for Masdar M&A: Masdar finalized its acquisition of Spanish renewables firm Saeta Yield from Brookfield Renewable for EUR 1.2 bn this week, adding 1.6 GW renewables to Masdar’s portfolio. It also finalized the acquisition of a 70% stake in Greece’s Terna Energy earlier this month.
