BioTherm Energy Achieves Financial Close on 284MW Portfolio of Wind and Solar Projects in South Africa

| International Power

Denham Capital -backed BioTherm to begin project implementation

London, 25 July 2018 – African renewable energy development platform and power producer, BioTherm Energy has reached financial close on a 284MW Portfolio of Wind and Solar Projects in South Africa as part of the Fourth Round of the South African Renewable Energy Independent Power Producers Programme (REIPP). The four projects, which will begin construction shortly, are estimated to be fully operational by 2020. The projects further evidence BioTherm’s expansion and consolidation of its leading development footprint by providing, clean, affordable and reliable electricity.

The projects are as follows:

Golden Valley – 120MW Wind

  • Expected to reach commercial operations by Q4 2020
  • EPC provided by Goldwind

 

Excelsior – 32MW Wind

  • Expected to reach commercial operations by Q4 2019
  • EPC provided by Goldwind

 

Konkoonsies II – 86MW Solar PV

  • Expected to reach commercial operations by Q1 2020
  • EPC provided by ET Solutions AG

 

Aggeneys – 45MW Solar PV

  • Expected to reach commercial operations by Q3 2019
  • EPC provided by ET Solutions AG

 

The total cost for the portfolio of projects is approximately US$500 million.  All four projects have 20-year inflation linked power purchase agreements (PPAs) with Eskom, the South African national utility, and are backed by sovereign guarantees provided by the National Treasury. Further to the local jobs that will be created during construction offering employment prospects for the surrounding communities, each project has committed a percent of revenues towards economic development and socio-economic development initiatives in education, rural development, the empowerment of women, healthcare and enterprise development.

 

On reaching financial close, Steven Mandel, Director on Denham Capital’s International Power Team and Board Member of BioTherm commented: “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.”

Jasandra Nyker, CEO of BioTherm Energy commented: “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.”

Presently, the company’s pipeline consists of more than 2GW of wind and solar projects, of which it has secured PPAs and nearing construction on over 440MW across in South Africa, Ghana, Cote d’Ivoire and Burkina Faso, outside of the REIPPP program.

 

About Denham Capital

Denham Capital is a leading energy and resources-focused global private equity firm with more than $9.8 billion of invested and committed capital across nine fund vehicles and offices in London, Boston, Houston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving international power, oil and gas, and mining, across the globe. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

About BioTherm

Since being backed by Denham in 2008, BioTherm Energy has transformed itself into a leading African renewable energy development platform and independent power producer. The BioTherm team is located in Johannesburg and led by Jasandra Nyker, Chief Executive Officer. To date the Company has reached commercial operations on over 54MW and has also developed a wind and solar pipeline in excess of 2GW across the African continent, including over 440MW nearing construction.  www.biothermenergy.com

 

Media Contact:

Emerson Clarke / Ntobeko Chidavaenzi –  FTI Consulting

Emerson.Clarke@fticonsulting.com / +44 (0) 20 3727 1000