South African Solar Power Plant Secures Financial Assurances for Green Energy Growth
To resolve these energy challenges, the Multilateral Investment Guarantee Agency (MIGA) has facilitated guarantees to BTE Renewables, amounting to up to USD 18.9 million, to cover equity investments into MBP PV (RF) Pty Ltd.
August 05, 2023. By EI News Network
The MBP solar power plant, with a capacity of 75MW and located near Prieska, is part of the government’s Renewable Energy Independent Power Producer Programme (REIPPP) Round 3. It has been operational since 2016.
South Africa has evolved towards achieving universal access to electricity, with about 85 percent of the population having access, chronic power shortages and frequent load shedding still continues, negatively impacting both commercial and household activities.
To resolve these energy challenges, the Multilateral Investment Guarantee Agency (MIGA) has facilitated guarantees to BTE Renewables, amounting to up to USD 18.9 million, to cover equity investments into MBP PV (RF) Pty Ltd.
The guarantees, spanning 15 years, aim to support the financial sustainability of the power sector and demonstrate the value of solar power plants in South Africa’s secondary market. MIGA’s initiative also aligns with a low-carbon and climate-resilient development path for the country.
The acquisition was provided by Actis Energy 4 (AE4), a USD 2.75 billion global energy fund managed by Actis, which outlays in controlling stakes in electricity generation businesses throughout Latin America, Africa, and Asia. Actis Energy 4 owns BTE Renewables, which acquired the interest in MBP.
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