Hulisani invests $6.4m in local wind industry

JSE-listed sustainable energy investment firm Hulisani, has invested in a R82.5 million ($6.4 million) deal with wind tower producer GRI Wind Steel South Africa – diversifying its local portfolio.

Hulisani CEO Marubini Raphulu said in a statement that they have provided preference share funding to Pele Green Energy (PGE) wholly owned subsidiary Pele SPV 198 to enable PGE to indirectly acquire 12.5% of GRI, Engineering News reported.

According to Engineering News, “this transaction aligns with Hulisani’s strategy to acquire and invest in a diverse basket of energy-producing assets with the potential for growth, as GRI produces the elements used in the creation of renewable energy and services a global customer base.”

Hulisani invests in local manufacturing

The acquisition is Hulisani’s third this year, following the acquisition of Kouga Wind Farm and the 7MW solar photovoltaic (PV) farm Rustmo.

The Rustmo PV plant is located in Rustenburg and was one of the 18 solar PV power plants constructed in the first round of the Renewable Energy Independent Power Producer Procurement programme (REIPPPP).

The investment firm acquired 6.67% interest in the Kouga Wind Farm, which has been in commercial operation since March 2015.

“Worldwide, the supply of wind towers continues to outstrip demand and we are excited about the prospect of exporting wind towers while creating jobs and industrialisation in South Africa,” Raphulu concluded.