Globeleq Reaches Financial Close on South African Renewable Projects

Globeleq Reaches Financial Close on South African Renewable Projects PR Newswire LONDON, Nov. 13, 2012 LONDON, Nov. 13, 2012 /PRNewswire/ -- Globeleq Generation Limited (Globeleq), the emerging markets power company, has reached financial close for its three renewable energy projects in South Africa - the 138 megawatt (MW) Jeffreys Bay Wind Farm on the Eastern Cape; the 50 MW photovoltaic (PV) solar farm in De Aar and the 50 MW PV solar farm in Droogfontein, both in the Northern Cape. Construction is expected to commence shortly and all projects should be fully operational by mid 2014. http://photos.prnewswire.com/prnh/20040611/DAF004LOGO "This is truly a significant milestone for the South African energy market and we commend the dedicated work of all those involved to reach this stage," Mikael Karlsson, Globeleq's CEO commented. "Globeleq and its consortium partners are looking forward to building sustainable and cleaner sources of electricity for the country and to contributing to the continued growth of the sector. These projects will bring environmental, social and economic benefits for the nation as a whole." The three projects are part of the Government of South Africa's ground breaking Renewable Energy IPP procurement program and are among the very first large scale renewable power plants to be built in the country.