Enel Green Power, a subsidiary of the Italian energy giant, Enel, has announced that it has signed a joint venture partnership with the Qatar Investment Authority to develop and exploit renewable energy resources in countries south of Saharan-Africa. Under the agreement, QIA will acquire a 50 per cent stake in four projects which are under construction and being developed by Enel Green Power in South Africa. Further, they will also acquire two operating plants in South Africa and in Zambia which will take the total acquired capacity to 800 MW.
These projects acquired by the Qatar Investment Authority include the 148 MW Nxuba wind farm in South Africa which was recently commissioned and the 34 MW Ngonye solar power project in Zambia. Among other acquired projects are the Oyster Bay, Garob, Karusa, and Soetwater which are all wind projects and have a capacity of about 147 MW each. Enel Green Power has reported that these facilities are already covered by long-term power purchase agreements signed with the South African state-owned company Eskom. These are expected to be commissioned by 2021.
The Qatar Investment Authority is a sovereign investment fund with a portfolio of about $100 billion in assets across the world. Enel Green Power has a strong presence in South Africa and even after the current deal, the company has a portfolio that includes 500 MW of renewable energy projects in the country.