ABO Wind, a Wiesbaden-based project developer, sold 200 MW of solar projects to the South African SOLA Group, an independent power producer in South Africa. The South African SOLA Group has already concluded a private Power Purchase Agreement (PPA) for the projects with the mine operator Tronox.
These are Africa’s most significant renewable energy projects financed through a corporate PPA. Most renewable energy projects in South Africa receive a government-subsidized tariff, awarded through tenders. The project’s construction is yet to begin, and the projects are expected to be operational by 2023.
“These project sales are our first major success in South Africa,” said Robert Wagener, the Head of Department at ABO Wind who is responsible for the country. “We are particularly pleased because these are the first projects with which we had started our development activities in South Africa.” The sale agreements had already been signed in 2021. The contracts have become binding now that the buyers have reached a financial close.
“The cooperation with ABO Wind brings us closer to our goal of advancing clean energy in Africa. We are proud that the projects are now fully South African owned and financed, built, operated, and managed here in the country,” said Chris Haw, Co-founder and Executive Director of the SOLA Group.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022. Atrato Onsite Energy, an investment company, recently acquired 33 MW of installed solar projects across 32 the UK from Macquarie’s Green Investment Group for $36.19 million. Cypress Creek Renewables, a project developer and an independent power producer, acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer. The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026.