BioTherm Energy announces financial closing of three South African renewable energy projects

Wednesday, Nov 21, 2012

BioTherm Energy, one of South Africa’s leading renewable energy developers and independent power producers, announced today that it has closed on the financing of one wind and two solar PV renewable energy projects located throughout the country. Led by chief executive officer Jasandra Nyker, BioTherm is the only South African company to be awarded three projects from the first round of South Africa’s renewable energy tender.

“These three projects represent a pivotal point for our company”

Construction of the projects, which are anticipated to produce a total combined output of 47 megawatts, will begin immediately. The Dassiesklip Wind Energy Facility will be located in Caledon, Western Cape and have an installed capacity of 27 megawatts. The Aries Solar Energy Facility, located in Kenhardt, North Cape, is expected to produce 10 megawatts. BioTherm’s second solar project is the Konkoonsies Solar Energy Facility located in Pofadder, Northern Cape. Its anticipated output is also 10 megawatts. Both solar projects have expansion capacity—supporting the company’s strategy to initially construct smaller-sized projects with a shorter timeframe to commercial operation and focusing long-term on larger-scale projects.

“These three projects represent a pivotal point for our company,” said Nyker. “We are a proud South African company and look forward to being an integral part of the government’s focus on bringing competitively priced renewable energy resources online for the people of our country.

Our management team has more than 100 years of wind and solar development and investment expertise, and we are uniquely positioned as one of the few developers with access to capital—a key element to opportunistically acquire projects for future development.” Nyker went further to note that the price of wind power today is more competitive than the future tariff rates requested by the state utility (Eskom) in a recent regulatory filing.

With a focus on renewable power in all of Southern Africa, BioTherm has an extensive pipeline of wind and solar projects in development totaling an estimated 2,400 megawatts. The company is partnering with reputable broad-based black economic empowerment partners and is backed by Denham Capital, a leading global energy and resources-focused private equity firm with US$7.3 billion of committed and invested capital.

Source: Business Wire