- The 258 MWp Upington solar photovoltaic complex in South Africa has been sold by Norwegian independent power producer (IPP) Scatec.
- Stanlib Infrastructure Fund II, a fund run by Stanlib Asset Management Proprietary, will acquire its shares.
The South African photovoltaic solar power facility Upington no longer has Scatec as its principal shareholder. A subsidiary of Stanlib Infrastructure Fund II, which is run by Johannesburg, South Africa-based asset management Stanlib Asset Management Proprietary, has acquired a 42% share in it. 973 million South African rand, or little over $49 million, are the sale’s net proceeds.
The Upington plants’ operation and maintenance (O&M) and asset management will still be handled by the Norwegian independent power producer (IPP). The Norwegian Investment Fund for Developing Countries (NORFUND), which owns 18% of the shares and is the other shareholder in the Upington solar complex, also intends to sell its holdings to Stanlib. With these transactions, Stanlib will own 60% of the complex, with the remaining shares held by the South African investment company H1 Holdings (35%) and the community trust (5%).
The Upington solar complex, which is situated in the Northern Cape region, consists of three 86 MWp power plants that have been operating for profit since 2020. These facilities have a combined capacity of 258 MW, producing an estimated 650 GWh annually, enough to power 120,000 homes in South Africa while also assisting in a 600,000 tonne CO2 equivalent reduction in emissions over the same time period.