Globeleq, and independent power producer in Africa, has agreed to acquire a majority stake in renewable energy projects in South Africa from global alternative asset manager Brookfield Asset Management.

The agreement is subject to various closing conditions. 

Once fulfilled, it will give Globeleq a majority shareholding in six renewable projects totaling 178 MWs, as well as ownership in Brookfield’s South African asset management company.

The assets include five solar assets: Aries (11MW), Boshoff (66MW); Konkoonsies (11 MW); Soutpan (31 MW), and Witkop (33 MW) and the Klipheuwel wind farm (27 MW). 

The six projects were part of rounds 1 and 2 of the South African Government’s renewable energy programme and reached commercial operations in 2014. 

All plants have a 20-year power purchase agreement with Eskom.

The addition of the Brookfield assets fully complements its existing power plants in South Africa where it owns, operates and manages 238 MW of solar and wind projects and sets the stage for Globeleq to continue to expand its renewable energy portfolio throughout the continent.

Paul Hanrahan, Globeleq’s CEO, said: “Our team is working hard to complete this very exciting transaction. The expertise of our South African team will be able to enhance these assets by driving operational improvements and improve the existing social and economic development programmes.”