Norfund’s Climate Investment Fund in South African renewable energy deal
The new platform, called Anthem, has plans to develop solar and wind power totalling 11 GW.
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Norfund’s Climate Investment Fund and Norway’s largest pension company, KLP are investing NOK 850 million (about $86 million) in the establishment of a new platform with ambitious plans for renewable energy development in South Africa.
The new platform, called Anthem, has plans to develop solar and wind power totalling 11 GW.
Anthem is a merger of two established renewable energy players in South Africa: African Clean Energy Developments (ACED) and EIMS Africa. Mahlako Energy Fund is also joining as an investor.
The Climate Investment Fund is investing NOK 685 million (about $69.2 million) directly, while KLP Norfund Invest (KNI) is investing NOK 170 million (about $17.2 million). KNI is the joint investment company of KLP and Norfund, owned 51% by Norfund and 49% by KLP.
“Anthem will be a key investment in the Climate Investment Fund’s efforts to support the transition to renewable energy in South Africa, making a significant contribution in terms of avoided emissions, while also ensuring the country has reliable access to the energy needed for growth out of poverty,” says Bjørnar Baugerud, head of the Climate Investment Fund at Norfund.
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