According to bank provided information, on December 19, 2019, the Multilateral Investment Guarantee Agency issued guarantees that will support the development, construction, operation, and maintenance of the Konkoonsies II and Aggeneys solar photovoltaic (PV) power plants in the Republic of South Africa.
The guarantees issued to Okavango Biology Luxembourg S.a.r.l, a wholly-owned subsidiary of the Actis Energy 4 LP Fund (AE4) (a private equity fund controlled by Actis of the United Kingdom), and totaling US$17.1 million, will cover 90 percent of the equity and quasi-equity/shareholder loan investments in the Project against the risks of Breach of Contract, Expropriation, Transfer Restriction & Currency Inconvertibility, and War & Civil Disturbance for a period of up to 15 years.
The Project consists of two solar PV energy generating facilities with combined total installed capacity of 132 megawatts (MW) located in the Northern Cape Province of South Africa. The solar plants will be approximately 60 kilometers apart, within the Khai-Ma Local Municipality of the Namakwa District Municipality. Aggeneys will build its own substation while Konkoonsies II will be connected to the existing Paulputs substation near Pofadder via a 600-meter 132 kilovolt transmission line. The Project was awarded through Round 4 of the South African Renewable Energy Independent Power Producers Procurement Program ( REIPPP). Once operational, the electricity generated from the plants will be sold to Eskom Holdings SOC Ltd, the state-owned public utility in South Africa, under 20-year Power Purchase Agreements (PPAs).
*Contact information not provided at the time of disclosure*
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