ABO Wind, a renewable energy project developer, has sold a 100 MW solar project in South Africa to an undisclosed acquirer. The project is the third photovoltaic facility within a cluster comprising a total of 300 MW. The project is located on 450 hectares of privately owned land in the North-West Province of South Africa. The other 200 megawatts had already been sold by ABO Wind in 2022.
Through the ABO Wind team, the project obtained the necessary permits and consents to be ready to build. The investor concluded a private power purchase agreement with an off-taker for the produced electricity.
“We started working on this project when we first entered the South African market in 2018,” says Rob Invernizzi, General Manager of the South African subsidiary of ABO Wind. “Our development team has done an excellent job in fully developing the project, and the finance and sales team has set a sound financial basis and ensured a smooth sale.”
In South Africa, ABO Wind’s business model is to develop large wind, solar, battery storage, and hybrid projects and potential sites for green hydrogen production. According to Mercom’s recently released 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.
Capital Dynamics, a private asset management firm, recently acquired 170 MW of construction-ready solar photovoltaic projects located in Sicily, Italy, from a global energy service provider. The projects will be supported by long-term power purchase agreements.