Inspired Evolution signed a deal to invest up to $36 million in Alten RE Developments Africa B.V., the sub-Saharan Africa-focused subsidiary of AltenEnergíasRenovables. The investment by Inspired Evolution’s Evolution II Fund will scale Alten Africa’s existing solar PV development platform across sub-Saharan Africa.
Alten Africa offers Evolution II Fund investment opportunities in 225 MWp of construction-ready and advanced projects in three of its priority countries with an additional 400 MWp pipeline of opportunities underway in select targeted countries within the region.
Inspired Evolution brings Alten Africa a specialized strategic investment partner with an experienced team, deep regional market insights and a track record of 913 MW of clean energy infrastructure investments. The Inspired Evolution team has proven itself through the full investment cycle, with hands-on value addition through greenfield project development, permitting, procurement, financing, construction, operations and exit, having concluded a successful sale of its consolidated renewable operating portfolio in December 2016.
AltenEnergíasRenovablesis an experienced international solar PV developer and IPP targeting ambitious capacity expansion in sub-Saharan Africa. It has a strong track record in southern Europe and more recently in Africa and Latin America, where it has won projects in fiercely contested public-private auction environments. This makes Alten a compelling and competitive player in the region.
The partnership initially aims to bring up to 500 MW of construction-ready, advanced and pre-permitted solar PV projects into operation. Three projects are advanced and include the construction-ready Hardap Project, a 45.45 MWp solar PV project located near Mariental in Namibia. This project is on track to reach financial close by the end of the month. There is also the 51.5 MWpKesses 1 Project in Kenya, which is in the final phase towards financial close by May 2018. The third project is the 125 MWp Middle Band Solar One Project in Nigeria, which has a signed power purchase agreement and is moving towards closing.