26% equity investment in Renewable Energy Holdings
responsAbility teams up with leading Southern African hydropower developer REH
Zurich, 4 July 2019 — A responsAbility-managed energy holding company has acquired a 26% interest in Renewable Energy Holdings (Pty) Ltd (REH), a leading South African based developer, owner and operator of run-of-river hydropower projects in Southern Africa.
REH has been a pioneer in the South African independent power producer (IPP) sector and has a 12-year track record of hydro IPP development, investment and operations. The company is the majority owner and operator of the 3 MW Sol Plaatje, the 4 MW Merino and the 4 MW Stortemelk hydropower plants, all in South Africa. In addition to its operating assets in South Africa, REH is also developing a 5-project, 70 MW portfolio of run-of-river hydropower plants in Zambia under contract with New Africa Power (Mauritius).
“REH has established itself in Southern Africa as a hydropower focussed IPP and is actively expanding its development activities across the region. The investment by responsAbility in REH follows on a clear strategic fit between the two companies,” commented Anton-Louis Olivier, MD of REH.
“There is huge potential for the development of sustainable hydropower projects in Sub- Sahara Africa. The growing market share of intermittent renewables such as solar PV combined with relatively weak transmission networks in many countries in the region increases the need for a predictable and sustainable source of generation like hydropower in the generation mix”. Olivier also added: “The partnership with responsAbility provides us with a capital strong partner, who shares our focus on the responsible development of sustainable hydropower.”
Speaking on behalf of responsAbility, Joseph Nganga, Co-Head of Energy Equity Investments, declared: “We are pleased to team up with this well-established partner in the field of renewable energy generation in Sub-Saharan Africa. This cooperation will allow us to scale up our hydropower development activities at a higher pace, delivering attractive returns to our investors while at the same time ensuring that we add much needed energy capacity on the continent and contribute to the United Nations’ Sustainable Development Goals, particularly in the area of climate action and creating essential infrastructure.”
Renewable Energy Holdings (Pty) Ltd
al [at] rehgroup.co.za
responsAbility Investments AG
ulli.janett [at] responsAbility.com
About Renewable Energy Holdings (www.rehgroup.co.za)
Renewable Energy Holdings (Pty) Ltd (‘REH’) is a South Africa based developer, owner and operator of run-of-river hydropower plants. The company has three operational assets including the award winning 4.2MW Stortemelk Hydro (2006) and the 7MW Bethlehem Hydro (2010) projects and is developing an 80MW/5 project portfolio in Zambia.
About responsAbility Investments AG (www.responsability.com)
A leading asset manager for impact investments in emerging economies, responsAbility manages USD 3 billion of assets through a range of investment vehicles that provide private debt and private equity to some 540 companies with inclusive business models across 90 countries. Founded in 2003, the company is headquartered in Zurich, Switzerland, and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris.
The responsAbility-managed energy holding company for Africa aims to increase the renewable energy supply in sub-Saharan Africa at reasonable tariffs. The company invests in and co-develops small and medium sized renewable energy projects up to 50 MW at various stages of the project life cycle with particular focus on the development stage.