Westbrooke Alternative Asset Management and CVE South Africa and are pleased to announce the successful closing of a transaction involving the partial acquisition of CVE’s operating portfolio by Westbrooke’s Real investment strategy.
Westbrooke is a multi-asset, multi-strategy manager and advisor of alternative investment funds and has provided more than R4.5bn in funding across its portfolios in South Africa, including tax-enhanced investments, with the Section 12B tax deduction enabling investors to participate in PV projects. This transaction, involving 5 underlying projects to the value of over R40m, marks the first transaction in the partnership between Westbrooke and CVE SA, with the objective of further investing in CVE’s project pipeline. Westbrooke will entrust the day-to-day operational management of the plants to CVE (as an Independent Power Producer). CVE focuses on decentralized energy projects, mainly self-consumption projects for agricultural, industrial, and municipal customers geographically located in the Western Cape (Cape Town), Gauteng (Johannesburg) and industrial areas in the hinterland and on the east coast of South Africa.
CVE South Africa has a 11 MW PV and 3 MWh Battery portfolio, under construction and operation. CVE’s South African subsidiary plans to have a 147 MW fleet in operation and under construction by 2028. The company is certified “B Corp”, a prestigious CSR label that recognizes compliance with high social and environmental standards.
“With our heritage as an owner and operator of assets, we are committed to providing fast, flexible, value-added capital solutions to partners like CVE South Africa. This funding supports their growth strategies and allows us to execute on our goal to increase access to renewable energy alternatives in the commercial and industrial industries as South Africa’s narrative shifts in this space. We look forward to a continued partnership with CVE as their growth ambitions realise” said Saul Maserow, Westbrooke Alternative Asset Management, Fund Manager.
“This partnership transaction allows us to expand our investment and advance our growth strategy in the sales of solar energy to commercial and industrial off-takers. The South African electricity market is evolving towards decentralized, clean, and reliable energy supply, and we are excited to contribute to this transition” said René Laks, CVE South Africa, Country Manager.
About Westbrooke
Established in 2004, Westbrooke is a multi-asset, multi-strategy manager and advisor of alternative investment funds and co-investment platforms. We have a heritage as a shareholder and operator of assets and invest our own capital alongside our investors in Private Debt, Hybrid Capital, Real Estate and Private Equity in South Africa, the UK and the USA.
We provide businesses and support transactions with fast, flexible, value-added debt and equity solutions which are tailored to meet their needs.
Our client’s benefit from the depth of experience and quality of our investment teams, who move with speed and are comfortable dealing with complexity. This, together with our multi-decade track record as an owner and operator of assets allows us to better understand the needs of entrepreneurs and to see risk differently, providing our partners with a unique advantage. Access capital solutions with the Westbrooke Advantage.
More information: https://www.westbrooke.com
About CVE
CVE is a multi-country, multi-energy independent French renewable energy producer. The group develops, finances, and builds solar power plants, biogas, and hydrogen units, and operates them itself over the long term. CVE’s aim is to create the energy models of tomorrow by producing local renewable energies to meet the needs of suppliers, businesses, and local authorities, using a direct energy sales model. CVE is a B Corp company and certified ISO 9001 and ISO 14001. The group employs 420 people and plans to multiply its installed capacity by almost 4 by 2027.
CVE South Africa, the subsidiary of CVE with offices in Cape Town and Johannesburg, offers all-in-one solutions, including engineering, financing, constructing, operating photovoltaic systems and battery storage to provide commercial off-takers local renewable energy.
More information: https://cvesouthafrica.com
