SunEdison announces acquisition of South African renewable energy portfolios

By mahlokoane percy ngwato

Follow @AfricaBizReview on Twitter.

As part of a spate of global acquisitions, SunEdison will be purchasing a significant interest in a diversified portfolio of energy projects in South Africa in what must surely be a move to capitalise on the recent power outages which have engulfed the country. 

SunEdison is an American company that leads the world in global solar solutions; alongside solar power facilities, the company manufactures a range of industry specific silicone products. As part of the agreement, SunEdison will assume management responsibilities for the power plants beginning one year after the transaction closing date.

The company has signed an agreement to buy a 70 percent interest in a diversified portfolio of projects with a renewable energy company with a gross capacity of 34 MW AC. These consist of two 7.5 MW AC solar plants in the Northern Cape of South Africa and an 18.9 MW AC wind farm in the Western Cape

These facilities have been contracted under a 20 year fixed price PPA with Eskom, South Africa's largest state-owned power utility. ESKOM has been undertaking large-scale maintenance on its ageing grid network and has implemented mass load-shedding in order to take the strain of its stretched resources.


South Africa’s ESKOM receives junk credit rating
ESKOM, Petro SA, and Sunbird enter into long term gas supply deal
Eskom and Anglo American Inyosi Coal sign Memorandum of Understanding​

Alongside its share purchases in South Africa, SunEdison has acquired renewable projects in peru, Chile, Brazil, China, and Uruguay. This shows that the company not only recognises the economic viability of projects in developing markets, but also sees these as financially critical to securing a renewable future for the world.

It is becoming clear that renewable energy interventions from both the private sector could be exactly what the country needs in order to remain competitive in the face of globally fluctuating fuel costs and perpetually increasing demand. 


Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy