Renewable energy investor Magnora has successfully concluded the sale of a 90-megawatt (MW) solar photovoltaic (PV) project in South Africa to independent power producer Globeleq. The specific location of the solar plant has not been disclosed, but Magnora will retain oversight of the project's development in collaboration with the UK-based independent power producer.
This transaction marks another significant move by Magnora to strengthen its presence in South Africa. In 2021, the company acquired an 850 MW portfolio, which was further enhanced by the acquisition of solar and wind developer African Green Ventures. As a result, Magnora now boasts an extensive project portfolio with nearly 2 gigawatts (GW) under development.
Globeleq, on the other hand, already possesses 219 MW of operational solar PV capacity in South Africa, secured during the fifth bidding round of the country's Renewable Energy Independent Power Producers Procurement Programme (REIPPPP).
The development of this 90 MW solar project highlights the increasing interest in renewable energy within South Africa's private sector, particularly within the commercial and industrial (C&I) market. This trend underscores the growing importance of clean energy sources in meeting the country's power needs and sustainability goals.