African renewable energy development platform and power producer BioTherm Energy has reached financial close on a 284 MW portfolio of wind and solar projects in South Africa as part of the fourth round of the South African Renewable Energy Independent Power Producer Procurement Programme.
The four projects, on which construction will start shortly, are estimated to be fully operational by 2020.
The total cost for the portfolio of projects, which includes the 120 MW Golden Valley wind project, the 32 MW Excelsior wind project, the 86 MW Konkoonsies II solar photovoltaic (PV) project and the 45 MW Aggeneys solar PV project, is about $500-million.
Goldwind has been appointed the engineering, procurement and construction (EPC) contractor for the Excelsior and Golden Valley projects, which are expected to reach commercial operation by the fourth quarter of 2019 and the fourth quarter of 2020, respectively.
ET Solutions has been appointed the EPC contractor for the Aggeneys and Konkoonsies II projects, which are expected to reach commercial operation in the third quarter of 2019 and the first quarter of 2020, respectively.
“The BioTherm team is glad to have finally closed these projects and looks forward to reaching commercial operations as planned. The closing of these projects is a major milestone for BioTherm and serves as a strong testament to the high-calibre local team,” BioTherm Energy CEO Jasandra Nyker comments.
“We are very pleased with the sustained momentum BioTherm has been able to maintain in building its already strong position as a leader in South Africa’s renewables sector.
“Despite recent uncertainty in the market, the team has worked very effectively with all stakeholders to ensure these important projects are progressed, which will play a role in securing much-needed clean energy for South Africa’s future, while economically enabling the surrounding local communities,” adds private equity firm Denham Capital international power team director Steven Mandel.
BioTherm Energy, which has had the backing of Denham Capital since 2008, has a pipeline of more than 2 GW of wind and solar projects across South Africa, Ghana, Côte d’Ivoire and Burkina Faso.