POWER AFRICA SUCCESS STORIES IN SOUTH AFRICA

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POWER AFRICA FINANCIALLY CLOSED TRANSACTIONS IN SOUTH AFRICA

October 21, 2019

Aggeneys Solar (Solar – 40MW)

Financial Close Date: 06/30/2018
Commercial Operations Date: 06/30/2019
Estimated Project Cost: $N/A
Overview: Biotherm Energy, a Power Africa Partner developed this 40 MW solar PV power plant. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Bokamoso Solar Park (Solar – 67.9MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 11/30/2020
Estimated Project Cost: $N/A
Overview: This 67.8MW project was financed partly by Nedbank, a  Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Chaba Wind Farm (WF Chaba EDF) (Wind – 21.53MW)

Financial Close Date: 06/28/2013
Commercial Operations Date: 09/30/2015
Estimated Project Cost: $27M
Overview: This project involves the construction of a seven-turbine wind farm, with a capacity of 21 MW in the Great Kei municipality. The Chaba wind farm is connected to state owned power utility Eskom’s Chaba substation through dedicated 22 kV cables. The farm includes 7 turbines at 3 MW turbines each, producing enough electricity to supply 14,000 local households.

Cookhouse Wind Farm  (Wind – 138.6MW)

Financial Close Date: 12/31/2012
Commercial Operations Date: 12/01/2014
Estimated Project Cost: $190M
Overview: The Cookhouse wind farm is composed of 66 Suzlon turbines, and began commercial operations on November 16, 2014. It is located approximately 7km east of Cookhouse in the Blue Crane Route Municipality in the Eastern Cape. The Cookhouse wind farm is owned by Old Mutual, various funds managed by African Infrastructure Investment Managers (AIIM) and the Local Community Trust. The project supplies power to the South African grid by a 20-year PPA with Eskom.

De Wildt Solar Park (Solar – 50MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 11/30/2020
Estimated Project Cost: $N/A
Overview: This 50MW project was financed partly by Nedbank and Barclays Bank, both Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Droogfontein 2 Solar Park (Solar – 75MW)

Financial Close Date: 07/02/2018  
Commercial Operations Date: 07/31/2020
Estimated Project Cost: $N/A
Overview: This 75MW project was financed partly by Nedbank and Barclays Bank, both  Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Dyason’s Klip 1 (Solar – 75MW)

Financial Close Date: 04/11/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: This 75MW project was developed by Scatec Solar, with financing support by Norfund and Standard Bank, all three of which are Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Dyason’s Klip 2 (Solar – 75MW)

Financial Close Date: 04/11/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: This 75MW project was developed by Scatec Solar, with financing support by Norfund and Standard Bank, all three of which are Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Excelsior Wind (Wind – 31.9)

Financial Close Date: 07/04/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: Biotherm Energy, a Power Africa Partner developed this 31.9 MW wind plant. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Firefly Investments (Solar – 60MW)

Financial Close Date: 10/31/2014
Commercial Operations Date: 03/30/2018
Estimated Project Cost: $325M
Overview: This project includes the development, construction, commissioning, and operation of a 60 MW solar photovoltaic (PV) utility power project developed by SunEdison in the Free State. This project is in response to a South African government initiative to increase investment in renewable energy production, especially solar. The project deploys advanced solar power generation technology in the host country and generates new jobs in a rural part of South Africa. OPIC was the lead United States Government agency on this transaction and the majority debt provider. The project reached financial close in October 2014.

Garob Wind Farm (Wind – 135.93MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 12/31/2021
Estimated Project Cost: $N/A
Overview: This 135.9 MW project was financed partly by Nedbank, a  Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Golden Valley Wind (Wind – 117.72MW)

Financial Close Date: 07/01/2018  
Commercial Operations Date: 06/30/2019
Estimated Project Cost: $N/A
Overview: Biotherm Energy, a Power Africa Partner developed this 117.2 MW wind plant. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Grassridge Wind Farm (WF Grassridge EDF) (Wind – 61.5MW)

Financial Close Date: 06/28/2013  
Commercial Operations Date: 06/30/2015
Estimated Project Cost: $90M
Overview: The Grassridge Wind Farm uses 20 turbines of 3 MW each and is connected to the Eskom grid through a 132 kV power line and new on-site substation. The turbines are supplied by Danish wind turbine maker Vestas Wind Systems.  At full operation, the wind farm produces enough energy to power 40,000 local homes.

Greefspan PV Power Plant No.2 Solar Park (Solar – 55MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 11/30/2020
Estimated Project Cost: $N/A
Overview: This 55MW solar project was financed partly by Nedbank and Barclays Bank, both Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options.

Kangnas Wind Farm (Wind – 136.7MW)

Financial Close Date: 06/05/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options for this 136.7MW wind farm.

Karoshoek Solar One (Solar – 100MW)

Financial Close Date: 02/27/2015  
Commercial Operations Date: 11/30/2018
Estimated Project Cost: $660M
Overview: The Karoshoek power plant captures energy from the sun through mirrors and then uses it to heat a fluid to a high temperature. The process drives a steam turbine that converts energy into electricity. The plant also has a storage system that allows it to provide electricity after sunset.  The structure is located in the city of Upington (Northern Cape Province, South Africa). Project shareholders include Emvelo and the Industrial Development Corporation (IDC). The plant itself was installed via an EPC (Engineering-Procurement-Construction) by Dankocom, a joint venture between the Spanish companies Cobra and Sener and their local partner, Emvelo.

Karusa Wind Farm (Wind – 139.8MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: This 139.8 MW wind project was financed partly by Nedbank, a Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options.

Kathu Solar Park CSP (Solar – 100MW)

Financial Close Date: 05/09/2016  
Commercial Operations Date: 01/30/209
Estimated Project Cost: $660M
Overview: Developed by Power Africa partner Engie, the Kathu Solar Park is a 100 MW greenfield Concentrated Solar Power (CSP) project with parabolic trough technology and Independent Power produced via a molten salt storage system that allows 4.5 hours of thermal energy storage. The CSP park is situated in the Northern Cape Province of South Africa.  Four Power Africa partners were involved in financing this project: Rand Merchant Bank, Nedbank, Investec and the DBSA. Upon completion, the plant is expected to supply over 179,000 South African homes with stable electricity during the peak demand period.

Kaxu Solar One (Solar – 100MW)

Financial Close Date: 08/08/2013  
Commercial Operations Date: 02/16/2015
Estimated Project Cost: $891M
Overview: This 100 MW Concentrated Solar Power (CSP) plant uses concentrated solar parabolic troughs to heat a chemical liquid and was developed by the US division of Abengoa, which received support from the Export-Import Bank of the US (EXIM). A host of Power Africa partners were involved in financing this project, including the Industrial Development Corporation (IDC), the DBSA, the International Finance Corporation (IFC) and Nedbank. It is the first CSP plant in South Africa to use parabolic trough technology. The plant supplies energy to 80,000 South African homes.

Konkoonsies II Solar (Solar – 75MW)

Financial Close Date: 07/03/2018  
Commercial Operations Date: 06/30/2019
Estimated Project Cost: $N/A
Overview: Biotherm Energy, a Power Africa Partner developed this 75MW solar plant. The project was partly financed by Power Africa Partner, Nedbank. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options.

Kruisvallei Hydro (Hydro – 4.7MW)

Financial Close Date: 07/31/2018
Commercial Operations Date: 04/30/2021
Estimated Project Cost: $N/A
Overview: This 4.7MW hydro project was developed by H1 holdings and funded through equity. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Ngodwana Energy Project (Biomass – 25MW)

Financial Close Date: 04/12/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: N/A
Overview: This 25 MW biomass project was financed partly by Nedbank, a Power Africa partner, with the community shareholding being financed by another Power Africa partner, the IDC. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Noblesfontein Wind Farm (Wind – 73.8)

Financial Close Date: 09/02/2013
Commercial Operations Date: 06/30/2014
Estimated Project Cost: $135M
Overview: Noblesfontein is the first wind farm in South Africa created by Elawan, with an installed capacity of 73.8 MW. It consists of 41 turbines (Vestas V100 - 1.8 MW) with an expected generation of 221,400 MWh / year. The project represents an investment of $135 million (60% Elawan, Sarge 15%, and Shanduka 25%) and is located in Karoo, Victoria West province, about 650 km from Cape Town.

Nojoli Wind Farm (Wind – 88MW)

Financial Close Date: 04/01/2015
Commercial Operations Date: 10/03/2016
Estimated Project Cost: $120M
Overview: Enel, through its subsidiary Enel Green Power RSA (EGP RSA), has completed and connected to the grid the Nojoli wind farm, which is located in South Africa’s Eastern Cape province. Nojoli is the Enel Group’s first wind farm to start production in South Africa.The Nojoli wind farm is supported by a 20-year power supply agreement with the South African power utility Eskom, which Enel was awarded in October 2013.

Noupoort Wind Farm (Wind – 80MW)

Financial Close Date: 02/12/2015
Commercial Operations Date: 06/30/2016
Estimated Project Cost: $138M
Overview: Situated in the Umsobomvu Municipal Area in the Northern Cape, Noupoort Wind Farm spans 7500 hectares and comprises 35 turbines. Noupoort Wind Farm generates around 304,800 MWh of clean energy per year and is expected to supply electricity to power up to 69,000 South African homes.

Nxuba Wind Farm (Wind – 138.9)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: Pele Green Energy, a Power Africa Partner, co-developed this wind project with Enel and holds a 30% stake in the project. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Oyster Bay Wind Farm (Wind – 140MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 06/30/2021
Estimated Project Cost: $N/A
Overview: This 140 MW wind project developed by Enel Green Power was financed partly by Nedbank, a Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Perdekraal East Wind Farm (Wind – 107.76MW)

Financial Close Date: 06/05/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: N/A
Overview: This 107.76 MW wind project was financed partly by the IFC, a Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Roggeveld Wind Farm (Wind – 140MW)

Financial Close Date: 04/13/2018  
Commercial Operations Date: 04/30/2021
Estimated Project Cost: $N/A
Overview: This 140 MW wind project was financed partly by the Rand Merchant Bank, a Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Sirius Solar PV Project One (Solar – 75MW)

Financial Close Date: 04/11/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: This 75MW solar project was developed by Scatec Solar, with financing support by Norfund, Nedbank, and Standard Bank, all three of which are Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Soetwater Wind Farm (Wind – 139.4)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 12/31/2021
Estimated Project Cost: $N/A
Overview: This 139.4 MW wind project was co-developed by Pele Green Energy and Enel Green Power (among others), both of which are Power Africa partners. Turbines for the project will be provided by Power Africa partner Vestas. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Tsitsikamma Community Wind Farm Project (Wind – 95.33)

Financial Close Date: 06/28/2013
Commercial Operations Date: 08/17/2016
Estimated Project Cost: $130M
Overview: Tsitsikamma Community Wind Farm began operation on September 16, 2017. The project is composed of 31 Vestas wind turbines which are capable of a peak capacity of 95MW, and is located in the Eastern Cape Province. The project was constructed and is operated by Vestas South Africa, and was granted a 20-year PPA under round 2 of the REIPPPP. The project ownership consist of Tsitsikamma Development Trust (9%), Watt Energy (16%), and Cennergi, a 50:50 joint venture between miner Exxaro Resources and Tata Power, (75%).

Waterloo Solar Park (Solar – 75MW)

Financial Close Date: 07/31/2018
Commercial Operations Date: 11/30/2020
Estimated Project Cost: $N/A
Overview: This 75MW solar project was financed partly by Nedbank and Barclays Bank, both Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Wesley-Ciskei Wind Project (Wind – 32.7MW)

Financial Close Date: 04/05/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: This 32.7 MW wind project was financed partly by Standard Bank, a Power Africa partner. Turbines for the project will be provided by Power Africa partner Vestas. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Zeerust Solar Park (Solar – 75MW)

Financial Close Date: 07/31/2018  
Commercial Operations Date: 12/31/2020
Estimated Project Cost: $N/A
Overview: This 75MW project was financed partly by Nedbank and Barclays Bank, both Power Africa partners. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa.

Copperton Wind Farm (Wind – 102MW)

Financial Close Date: 08/20/2018  
Commercial Operations Date: 06/30/2020
Estimated Project Cost: $N/A
Overview: This 102MW project was financed partly by Standard Bank, a Power Africa partner. Power Africa provided financial and legal advisory support to the South Africa Independent Power Producer Office related to the project guarantee as well as potential funding options. Cumulatively, the latest round of Renewable Energy Independent Power Producer Program projects represent generation capacity of over 2,300 MW, a total value of $5 billion in investment that will create 61,000 jobs in South Africa. Turbines for the project will be provided by Power Africa partner Vestas.

West Coast One Wind Farm (Wind – 94MW)

Financial Close Date: 06/03/2013
Commercial Operations Date: 06/01/2015
Estimated Project Cost: $130M
Overview: West Coast One is a 94 MW wind farm located 130 km north of Cape Town, in the Western Cape of the South Africa. Project construction began in 2013 and consists of 47 turbines  contributing 754,710 MWh to South Africa’s annual electricity production. Commercial operations began in June, 2015. The project is operated by Aurora Wind Power, a venture of ENGIE.

Xina Solar One (Solar – 100MW)

Financial Close Date: 04/02/2015
Commercial Operations Date: 04/28/2017
Estimated Project Cost: $880M
Overview: Xina Solar One is a 100MW thermosolar power plant currently under construction near Pofadder, Northern Cape Province, South Africa. Xina Solar One is financed by a consortium of companies including Abengoa Solar (40%), Industrial Development Corporation (IDC, 20%), the Public Investment Corporation (PIC, 20%) and KaXu Community Trust (20%). Abengoa developed the project on behalf of the consortium. The African Development Bank is contributing $141.5 million for the construction of the Xina Solar One plant. The project will supply clean electricity to Eskom, South Africa's power utility, under a 20-year power purchase agreement.