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Wesbrooke Alternative Asset Management is delighted to announce  that, alongside five strategic partners, it has invested R200 million capital in a portfolio of new and existing South African corporate and industrial solar projects in the financial year just ended on 29 February 2024 (FY24).

The projects acquired are fully operational and will provide 10.8 MW peak of solar renewable energy which will play a role in South Africa’s efforts to grow the green economy and assist in alleviating the country’s energy challenges.

The large majority of this capital was provided from Westbrooke’s South African renewable alternatives investment strategy (Westbrooke Real), which invests in a portfolio of solar photovoltaic projects and benefits from a  full income tax deduction provided under Section 12B and 12BA of the Income Tax Act. Section 12B offers investors an accelerated tax allowance on capital invested in assets used in the production of renewable energy.

The portfolio consists of 45 underlying projects alongside 5 reputable and experienced strategic partners. These projects range from 129 kilowatt peak (kWp) to 1 000 kWp of generation capacity in addition to up to 700 kilowatt hours (kWh) of battery energy storage (BESS) and are dispersed throughout the country. The projects include grid-tied and hybrid systems (including batteries) which are either ground mounted or roof-top installations. Off-takers of the electricity produced by the projects include a diverse base within sectors including agriculture, commercial and industrial, retirement villages, body corporate-managed complexes and educational institutions.

Key projects include:

  • 470 kWp of solar with 700 kWh of BESS to a long-standing educational facility in the Western Cape
  • 1800 kWp of solar to an industry-leading aquaculture farm across 3 sites
  • 276 kWp of solar and 399 kWh of BESS to a established retirement village in the Western Cape
  • 1800 kWp of solar to a premium citrus farmer across 4 sites in Limpopo
  • 1000 mWp to a corporate retail client in Johannesburg

This investment signals the growing demand for solar projects in South Africa and confirms Westbrooke’s position as a leading provider of capital in this space. Westbrooke follows a partnership approach and provides partners with fast, flexible, value-added capital to invest in solar projects.

“Partners benefit from flexible and innovative investment capital, which allows them to scale rapidly and provides them with the certainty to expand their solar projects pipeline,” said Saul Maserow, Fund Manager for Westbrooke Real.

Westbrooke Real intends to invest a further R800m in solar and battery energy storage systems (BESS projects) across South Africa for FY25, with approximately R250m in projects already in the pipeline.

“We are excited about the partnerships we already have in place for this year which will drive further investment into solar projects, and we are continually seeking new partners to add to the Westbrooke Real portfolio,” said Jonti Osher, Head of Westbrooke’s South African investment business.

Specifically, the solar projects Westbrooke seeks to invest in are existing and new small-scale and medium-scale embedded generation projects and can either be grid-tied or hybrid systems. The projects will range from 100KW up to 25MW in size and must be underpinned by Power Purchase Agreements (PPAs) with a focus on commercial, industrial, agricultural and body corporate off-takers.

Westbrooke has a track record of investing capital in South African projects and has provided over R4.5 billion in funding across private debt, hybrid capital, private equity and renewable projects to date.  Its partnership model is based on a collaborative approach and its heritage as an owner and operator of assets, allows Westbrooke to uniquely understand the needs of its partners and provide a tailored solution.

For more information on Westbrooke Real, click here.

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