Clean energy infrastructure investment company Inspired Evolution will invest up to $36-million in independent power producer (IPP) Alten Renewable Energy Developments Africa, the sub-Saharan Africa-focused subsidiary of Netherlands-based solar photovoltaic (PV) developer Alten Energias Renovables.
The investment by Inspired Evolution’s Evolution II fund will scale Alten Africa’s solar PV development platform across sub- Saharan Africa. The fund offers investment opportunities in advanced projects that peak at about 225 MW and which are at construction-ready stage in three of its priority countries. It also offers an additional 400 MW peak pipeline of opportunities in selected countries within the sub-Saharan Africa region.
As part of the deal, Inspired Evolution brings Alten Africa as a specialised strategic investment partner with an experienced team, strong regional market insights and a record of 913 MW of clean energy infrastructure investments.
The Inspired Evolution team has established itself through the full investment cycle, with experience in greenfield project development, permitting, procurement, financing, construction, operations and exit, through the successful sale of its consolidated renewable operating portfolio in December 2016.
The partnership initially aims to bring up to 500 MW of construction-ready, advanced and prepermitted solar PV projects into operation. Three of these projects are advanced, including one in Namibia – the 45.5 MW peak Hardap project, near Mariental.
The second project is the 51.5 MW peak Kesses project, in Kenya, which is in the final stages of financial close (expected in May), while the third project is the 125 MW peak Nigeria-based Middle Band Solar One project, which has completed the signing of its power purchase agreement and is advancing towards financial close.
Inspired Evolution managing partner Christopher Clarke says that, together with Alten Africa, the partnership offers the aggregation of regional and international market knowledge, multidisciplinary skills and credentials, with more than 1 GW of collective green energy.
“Additional features of the partnership include demonstrated procurement competitiveness; development capital efficiency; geographic diversification; and best-practice environmental, social and government approaches to enhance development impact,” he says.
Alten Energias Renovables executive president Juan Laso says the partnership with Inspired Evolution serves to consolidate the venture Alten initiated five years ago. “The experience of Alten, together with the local knowledge, capacity and vision of Inspired Evolution, creates a perfect combination to succeed and satisfy the vast energy needs of the region with solar PV technology.”