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US investment drives South Africa's shift to renewables

CHESTER, Conn., March 19, 2024 /PRNewswire/ -- Energea, the leading renewable energy investment platform in the U.S., has expanded its Solarize South Africa portfolio with three new projects. These additions align closely with Energea's mission to accelerate the global transition to clean energy. South Africa's power sector, characterized by its high carbon intensity (over 708 grams of carbon dioxide per kilowatt-hour, nearly double the global average), ranks among the world's most polluting and least reliable energy grids. Consequently, every megawatt-hour generated in South Africa by solar energy contributes energy to an extremely challenged utility grid but also provides an alternative for aging coal plants.

The Solarize South Africa portfolio, backed by over 2,000 investors, has achieved a 10% Internal Rate of Return (IRR) since its inception in July 2021. This portfolio and other niche energy transition strategies are accessible to U.S. investors through Energea's platform and are regulated by the SEC.

CPOA Constantia PlaceThe CPOA Constantia Place project features a 144 kW (DC) rooftop solar at Southern Cross Drive, Constantia, Cape Town. This project will be connected "behind the meter" at the CPOA Constantia Place facility, replacing part of their energy consumption with a solar array owned by Energea's investors. A reduction of 2.86K tons of carbon emissions is anticipated through its 20-year assumed lifetime.

Laerskool HavingaLaerskool Havinga hosts a 100 kW (DC) rooftop solar installation with battery backup, ensuring the school will still have power even when the grid is shut down on a daily basis as part of the country's "load shedding" crisis. Located at 29 General Pienaar Ave, Witpoortje, this project underscores Energea's belief that well-heeled educational institutions are desirable customers.

Bosmansdam High SchoolThe project at Bosmansdam High School features a 77.76 kW (DC) rooftop solar installation with battery backup. With a legacy of excellence since its inception in 1971, Bosmansdam is a private school in Cape Town with a history of managing expenses.

A Sustainable Path ForwardThese projects mark an important step in Energea's commitment to making renewable energy more accessible in South Africa. Through our solar installations, Energea's investors contribute to building additional clean infrastructure in a country that needs it most.

SOURCE Energea


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