Globeleq and an affiliate of Brookfield Asset Management have reached a definitive agreement whereby Globeleq acquires Brookfield's interests in its South African renewable energy portfolio.
The agreement is subject to various closing conditions and once fulfilled, will give Globeleq a majority shareholding in six renewable projects totaling 178MW, as well as ownership in Brookfield's South African asset management company. The addition of the Brookfield assets fully complements its existing power plants in South Africa where it owns, operates and manages 238MW of solar and wind projects. he assets include five solar assets and the Klipheuwel wind farm (27MW). The six projects were part of rounds 1 and 2 of the South African Government's renewable energy programme and reached commercial operations in 2014. All plants have a 20-year power purchase agreement with Eskom.
