UKCI and Norfund fund JV’s equity participation in wind farm portfolio

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UK Climate Investments and Norfund have agreed to fund a new joint venture’s equity participation in an onshore wind farm portfolio in South Africa. The joint venture between H1 Holdings and Pele Green Energy is acquiring a 40% stake in the portfolio from Enel Green Power in a deal valued at $100 million. Enel is retaining a 60% interest in the portfolio. No additional terms of the deal or the funding have been disclosed.

The portfolio of wind farms has a generating capacity of 700 MW. Macquarie-managed UKCI and Norfund’s commitment aligns with the UN’s Sustainable Development Goal of increasing access to clean, reliable, and affordable energy. The investment will also help accelerate South Africa’s transition to a low carbon economy and enhance Black Economic Empowerment. To that end, every year the portfolio will make social investments in their host communities, which are historically disadvantaged.

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