Globeleq Generation Ltd., an emerging markets power company, has reached financial close for its three renewable energy projects in South Africa, including a 50 MW photovoltaic solar farm in De Aar and a 50 MW PV solar farm in Droogfontein.
Construction on the projects is expected to commence shortly. They are expected to be fully operational by mid 2014. The projects, along with a wind farm that also received financing, are part of the Government of South Africa's Renewable Energy IPP procurement program.
Globeleq is the strategic equity partner in a consortium comprising Mainstream Renewable Power, Thebe Investment Corp., local engineering firms Enzani Technologies and Usizo Engineering, and local community trusts. The projects were originally developed by a joint venture between Mainstream Renewable Power and Genesis Eco-Energy.