Enel’s renewable arm Enel Green Power (EGP) and a Qatar Investment Authority (QIA) subsidiary have signed an settlement for a three way partnership partnership aimed toward financing, constructing and working renewable initiatives in Sub-Saharan Africa. The events additionally signed an settlement whereby QIA will purchase 50% of EGP’s stake in initiatives in operation and beneath building in South Africa and Zambia with approximately 800 MW capability, Enel mentioned.
Enel CEO and General Manager Francesco Starace mentioned the 2 firms will work collectively to speed up the creation of an in depth inexperienced power footprint in Sub-Saharan Africa, contributing to the continued pursuit of its bold objectives on this sector by additional harnessing the area’s immense renewable potential and contributing to a extra sustainable financial improvement mannequin on this a part of the world.
Commenting on the announcement, QIA CEO Mansoor bin Ebrahim Al-Mahmoud hailed his firm’s partnership with Enel Green Power to spend money on clear power technology in Sub-Saharan Africa. “QIA is committed to supporting the transition to a low-carbon future, and we believe this investment can make a significant environmental and social impact. We share a mutual vision with Enel in supporting decarbonization efforts and believe this investment represents an excellent opportunity to develop and grow a leading renewable energy platform in the region,” he mentioned.
In this primary part, the transaction entails the acquisition by QIA of 50% of EGP’s stake in 4 initiatives beneath building in South Africa and two vegetation in operation in the identical nation in addition to in Zambia, for a complete capability equal to approximately 800 MW (“the initial portfolio”). The general transaction is topic to the “change of control approval” and “antitrust clearance” from related establishments and regulatory authorities. Under the transaction, EGP and QIA will type a brand new authorized entity for future developments in Sub-Saharan Africa. After closing, all authorized entities could also be merged right into a sole three way partnership firm.
The preliminary portfolio, for an general put in capability of about 800 MW, consists of 1 plant already in full operation in Zambia (the Ngonye PV plant, of 34 MW), one recently-connected plant in South Africa (the 148 MW Nxuba wind farm), and 4 initiatives beneath building (for a complete of 587 MW), specifically the South African wind farms of Oyster Bay (148 MW), Garob (145 MW), Karusa (147 MW) in addition to Soetwater (147 MW). These vegetation maintain long-term energy buy agreements. Oyster Bay, Karusa, Soetwater and Garob are anticipated to begin working throughout 2021.
In South Africa, Enel Green Power will retain possession of greater than 500 MW together with the wind farms Nojoli (88 MW) and Gibson Bay (111 MW), in addition to photo voltaic vegetation Upington (10 MW), Adams (82.5 MW), Pulida (82.5 MW), Tom Burke (66 MW), Paleishuewel (82.5 MW).
a (82.5 MW), Tom Burke (66 MW), Paleishuewel (82.5 MW).