MIGA backs solar and wind power projects in South Africa
The Multilateral Investment Guarantee Agency has issued guarantees in support of the construction, ownership and operation of two solar photovoltaic power plants in South Africa’s Northern Cape, and two wind power plants in the Eastern and Western Capes.
MIGA’s guarantees are covering 90% of South African Independent Power Producer BioTherm’s equity investment for up to $46.9 million in the photovoltaic solar plants - Aggeneys and Konkoonsies II - and $68.9 million in both wind production plants, Golden Valley and Excelsior. The Excelsior wind plant will consist of 13 turbines, while Golden Valley will be made up of 48.
When operational later this year, the new plants will have a combined installed capacity of 288MW, and the electricity will be sold to Eskom under 20-year PPAs signed in 2018.
These projects are part of the Round 4 bid window of South Africa’s Renewable Energy Independent Power Producer Program, which is delivering low-cost renewable energy to fuel South Africa’s development. BioTherm currently owns 394MW of renewable projects in construction and operations in South Africa and Kenya, and is wholly owned by global investor Actis.
