ANIREP has successfully finalized the acquisition of majority shareholdings in two viable assets, Hopsol Africa (Pty) Ltd and Hopsol Power Generation (Pty) Ltd and with effect from April 1 and June 19, 2020 respectively. All conditions in respect of both transactions have been fulfilled.
ANIREP Managing Director Iyaloo Nangolo said: "I am pleased that the acquisition of these two assets is now complete. Concluding these transactions provides ANIREP a sustainable platform from which we will pursue an expansion of the existing grid connected 10 MW solar PV capacity. ANIREP provides a bridge for Capital Markets into the Infrastructural Renewable Energy Projects and is well placed to raise such additional capital and project finance as will be required for solar PV capacity expansion, by unlocking a higher investment allocation by institutional investors to infrastructure investments, based on our sustainable long-term cash flows. This will undoubtedly differentiate and distinguish ANIREP on its journey to becoming a significant utility with sustainable long-term cash flows".
The acquisition includes a 70% shareholding in Hopsol Power Generation (Pty) Ltd, a high- quality, renewable, cash yielding 10 MW IPP, with two 5 MW solar PV grid connected utility plants commissioned in 2015 and 2016, and underpinned by 25-year PPA contracts. The equity consideration of N$ 88 577 912 was settled in cash from the proceeds of the private placement that occurred as part of the listing of ANIREP.
It also includes the acquisition of 80% shareholding in Hopsol Africa (Pty) Ltd, the leading EPC and O&M contractor in Namibia, which has installed about 100 MW of the 150 MW solar PV in Namibia. The equity consideration of N$ 56 000 000 was settled in cash from the proceeds of the private placement that occurred as part of the listing of ANIREP.