Metier is selling its entire holding in the Bokpoort Concentrated Solar Power Project (CSP) in South Africa’s Northern Cape to Revego Africa Energy. The private equity firm’s total interest in the 50MW project amounted to 12%, of which 3% was held by Metier Sustainable Capital I, with the balance being held by a co-investment vehicle of the fund. Revego is paying R204 million for the shares, which is approximately $14 million at current exchange rates.
Metier declined to disclose the financial returns the sale has earned for the fund. The private equity firm first invested in the project when it achieved financial close in mid-2013. Bokpoort became fully operational in 2016 and was one of the first concentrated solar power projects developed under South Africa’s Renewable Energy Independent Power Producer Procurement (or REIPPP) program.
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