QIA to buy 50% stake in 800-MW African renewables portfolio from Enel

Enel's Fontes Solar 2 plant in Brazil. Source: Enel

January 8 (Renewables Now) - Qatar Investment Authority (QIA) will acquire a 50% stake in 800 MW of Enel Green Power's (EGP) African portfolio under a joint venture (JV) agreement, the latter said on Thursday.

Тhe agreement signed between EGP and a subsidiary of QIA calls for the creation of a JV to build and operate renewable energy plants in Sub-Saharan Africa.

In all, QIA is acquiring half of EGP's interest in four projects under construction in South Africa, scheduled to commence operations during 2021, as well as one operational plant in the same country and one in Zambia. All these plants have long-term power purchase agreements (PPAs).

More details on the assets are available in the table below.

Name Type Status Capacity Location
Oyster Bay Wind Under construction 148 MW South Africa
Garob Wind Under construction 145 MW South Africa
Karusa Wind Under construction 147 MW South Africa
Soetwater Wind Under construction 147 MW South Africa
Nxuba Wind Operational 148 MW South Africa
Ngonye Solar Operational 34 MW Zambia

Regarding the partnership, EGP will develop the new projects while financing and building will be left to the JV, Enel points out in the press release.

EGP will keep ownership of over 500 MW of wind and solar parks in South Africa, including the 111-MW Gibson Bay wind farm.

Closure is subject to change of control approval and antitrust clearance from relevant institutions and regulatory authorities, EGP noted.

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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