African Rainbow Energy and Power, backed by SouthAfrican billionaire PatriceMotsepe, is looking to boost renewable power generation sevenfold to become one of the biggest clean electricity providers on the continent. Moneyweb PatriceMotsepe
African Rainbow Energy and Power, backed by South African billionaire Patrice Motsepe, is looking to boost renewable power generation sevenfold to become one of the biggest clean electricity providers on the continent. The Johannesburg-based company ultimately has a target of adding as much as 5 000 megawatts of assets. It’s invested in more than 700 megawatts already and looking with partners at an additional 2 000 megawatts by the end of the second quarter next year.
chief executive officer Brian Dames. That’s meant involvement in projects realised through South African government auctions to buy power as well as generation for commercial use. The company also plans to have capability as an operator. Dames, an ex-CEO of state-owned utility Eskom, joined Motsepe in 2014 to become the first head of the energy company with a focus on renewables.
last year formed a joint venture with Absa Group, that together made up R6.5 billion of renewable assets, forming a fund known as African Rainbow Energy. Large renewable portfolios in Africa have been drawing major interest. Lekela Power, with 1 300 megawatts of green energy capacity, has been valued at about $1.8 billion, a person familiar with the sale of a 60% stake in the company said earlier this month.
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