26 Sep REATILE EXPANDS INTO THE RENEWABLE SPACE
Reatile Group, through its 100% owned subsidiary, Reatile Solar Power (Pty) Limited, acquired a 15% minority interest in six companies that are building new solar power plants in South Africa. The remaining equity partners on the six companies are Old Mutual Life Assurance Company South Africa, AREP and Phakwe.
When all six power facilities are fully operational they will deliver an additional 455 MW of additional solar photovoltaic (PV) renewable energy into South Africa’s national grid. The additional clean power capacity has been added under Round 4 of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), which is committed to securing 2 300 MW of new renewable electricity for South Africa’s national grid over the next five years.
Financial close on all six projects was achieved in July 2018, enabling the projects to now move into the construction phase. The six projects are:
- Greefspan Solar PV Plant (63MW)
- Droogfontein Solar PV Plant (86MW)
- Bokomoso Solar PV Plant (67.9MW)
- Waterloo Solar PV Plant (86MW)
- De Wildt Solar PV Plant (58MW)
- Zeerust Solar PV Plant (86MW)
The projects are located in the North West and the Northern Cape provinces of South Africa. The total anticipated capital outlay for the six projects is circa R9 billion and the first of the six projects are expected to be operational by March 2020.
For Reatile, this represents a major milestone as the shareholding in these six projects is the first step in Reatile’s strategy to expand its energy footprint into the renewable space and to expand on its alternative energy offering to its customers.