Globeleq increases stake in South African renewables projects

Electricity generation project developer, owner and operator Globeleq has increased its shareholding in the Jeffreys Bay Wind Farm, as well as in the De Aar Solar and Droogfontein Solar projects in South Africa by acquiring Mainstream Renewable Power’s minority shareholdings in the three projects.

Globeleq will fund the acquisition through a mix of internal funds and available credit facilities.

“This is a natural progression for Globeleq in South Africaand reinforces our ongoing commitment to powering Africa’s growth,” CEO Paul Hanrahan said.

He noted that Globeleq was one of the few independent power producers on the continent with the experience and capabilities to develop, manage and operate a range of generating technologies including gas and renewables, which are vital components of the continent’s future energy mix.

SOURCE: http://www.engineeringnews.co.za/article/globeleq-increases-stake-in-south-african-renewables-projects-2017-11-30