The Multilateral Investment Guarantee Agency (MIGA), which is part of the World Bank Group, has given a helping hand to BTE Renewables, an African renewable energy company. MIGA has offered a 15-year safety net of $18.9 million (equal to €17.2 million) to safeguard BTE Renewables’ investments in a 75-MW solar power plant located in South Africa.
This safeguard shields BTE Renewables from various potential challenges, including the risks of restricted money transfers, government taking over assets, conflicts like wars and civil unrest, and breaches of agreements tied to the solar plant. This means that if any of these unfortunate events occur, BTE Renewables won’t be left vulnerable.
The solar power plant, owned by MBP PV (RF) Pty Ltd, started functioning in 2016 in South Africa’s Northern Cape province. BTE Renewables got hold of this project when it acquired the South African solar operations of the global independent power producer Sonnedix Power Holdings Ltd. As a part of this acquisition, BTE Renewables also got a 60% ownership in MBP, which operates the solar plant.
The project itself was one of the selected winners in Round 3 of South Africa’s Renewable Energy Independent Power Producer Program (REIPPP), which supports renewable energy initiatives in the country.
BTE Renewables, backed by UK-based investment company Actis, focuses on building large-scale wind and solar energy projects across Africa. In a recent development, Actis has decided to sell BTE Renewables to Engie SA, a French utility company, and Meridiam, a Paris-based asset management firm.
Now, thanks to the MIGA guarantee, BTE Renewables is in a more secure position to proceed with their plans of creating significant wind and solar energy projects throughout Africa. This guarantee makes it easier for them to attract investments and funding while also protecting them from potential risks.
In summary, the support provided by MIGA ensures that BTE Renewables can confidently expand their footprint in the renewable energy sector across Africa, all while mitigating the uncertainties that could otherwise hinder their progress.
August 2, 2023 Delino Gayweh Serrari Financial Analyst
photo source Google
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