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Global solar energy developer Sonnedix has announced the ownership transfer of its South African operation to Pan-African clean energy developer BTE Renewables. The transaction includes the sale of Sonnedix Africa’s subsidiary, Sonnedix Solar South Africa Holdings (Pty) Ltd to BTE Renewables.
Through this deal, BTE Renewables has acquired a 60% interest in the collective investment vehicle ‘Mulilo Sonnedix Prieska PV’ that owns the 75 MW Prieska solar project, located in the Northern Cape province. The rest of the 40% stake in the project is shared between Mulilo Energy Holdings (20%), Ixowave (15%), and the Prieska PV Community Trust (5%).
The ZAR 1.3 billion ($82 million) Prieska solar park was supplied with 315 W photovoltaic panels from Chinese manufacturing company BYD. South Africa-based solar panel manufacturer ARTsolar also provided BYD-branded products to the solar project.
BTE Renewables is set to take on the charge of Prieska solar project’s management which was connected to the power grid for more than five years. The acquisition has increased BTE Renewables’ portfolio of renewable energy in the African region to 473 MW.
Robert Skjodt, CEO of BTE Renewables, commented, “This acquisition demonstrates our commitment to growing our African renewable energy asset portfolio, which already includes two solar PV plants in the same area of South Africa, making this a natural fit whilst successfully increasing our operating project portfolio to 473 MW. We look forward to working with our new partners and contributing positively to South Africa’s clean energy production.”
Axel Thielmann, CEO of Sonnedix, said the company is moving its operations away from South Africa where it has been successfully managing the Sonnedix Prieska project for more than five years. The step is required in order to align Sonnedix’s sustainable growth strategy across OECD countries.
Sonnedix was advised by the global law firm Norton Rose Fulbright as primary legal counsel on this transaction with Fieldstone served as Sonnedix’s financial advisor. Johannesburg-based firm Bowmans served as the primary legal counsel to BTE Renewables for the same.