(Alliance News) - Anglo American PLC on Thursday said that it has completed project financing for three wind and solar projects in South Africa, alongside Envusa Energy Pty Ltd.
According to the London-based miner, the projects will have a total capacity of 520 megawatts of wind and solar electricity generation. All three are located on the border of the Northern and Eastern Cape provinces in South Africa.
The Envusa Energy joint venture, which Anglo American first announced on Wednesday, is a collaboration with EDF Renewables, a South African subsidiary of the French utility, EDF Group.
Under the terms of the venture, Envusa Energy will operate as an energy trader, sourcing energy generated from renewable sources through power purchase agreements, before selling it to off-takers.
The three renewable energy projects will be known as the Koruson Two cluster. Comprised of the Umsobomvu Wind project, the Hartebeesthoek Wind project, and the Mooi Plaats Solar project, they are expected to supply a mix of renewable energy.
"We are delighted with the progress we are making in setting up Envusa Energy for long-term success as a major renewables powerhouse in South Africa. Achieving financial closure for these three high-quality renewable energy projects marks a crucial milestone in support of Anglo American's global decarbonisation journey and bolsters South Africa's pursuit of a resilient and clean energy future," said Nolitha Fakude, chair of Anglo American's board in South Africa, and chair of Envusa Energy.
Anglo American shares were trading 0.2% higher at 1,712.80 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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Anglo American (AAL)