Kings Langley, UK [RenewableEnergyWorld.com] In a move marking Renewable Energy Systems (RES) Group’s first step into the South African market, the company has acquired a portfolio of wind power projects in the country which have an estimated installed capacity of close to 300 MW.
The projects, which have been acquired from an unnamed developer and are at an early stage of development, will be pursued by a newly-formed fully-owned subsidiary of the RES Group, RES Southern Africa Pty. Transaction costs were not disclosed.
Stephen Balint, strategy and communications director of RES Group, said: “We are delighted to have completed this deal, which establishes a strong position for us in the market. We have identified South Africa as a substantial growth area for our business. The need to meet growing electricity demand, combined with the need to reduce carbon emissions in response to the pressures of climate change, means there is great potential to exploit the country’s abundant wind and solar energy resources.”
Thomas Riboud, director of RES Southern Africa, added: “We expect the South African renewable energy market to be a very challenging environment for developers but we are fully committed to developing these projects and building a substantial portfolio in the region.