19 August 2019
Established in 2000, H1 Holdings is a majority black-owned and managed developer of renewable energy projects. UKCI will provide critical financing for the development of the Kruisvallei Hydro project in the Free State province (4 MW), Kangnas Wind Farm in the Northern Cape province (140 MW) and the Perdekraal East Wind Farm in the Western Cape province (110 MW). The financing will be provided through an innovative funding mechanism developed by UKCI in close consultation with H1 Holdings and designed to support Black Economic Empowerment (BEE) entities.
The projects are expected to be completed by the end of 2020 and provide enough clean electricity to power nearly 200,000 homes each year. During their lifetime, they will help avoid approximately 844,000 tonnes of greenhouse gas emissions per annum.
Managing Director of UKCI
Chief Executive Officer of H1 Holdings
British High Commissioner to South Africa
In addition to promoting cleaner growth, the projects will stimulate rural development by employing and training at least 40 per cent of construction, operations and maintenance staff from local communities.
The UK is a world leader in the global transition to a low carbon future. UK expertise in renewables will be key to meeting the UK Government’s ambitious target of net zero emissions by 2050 and supporting emerging countries respond to the challenges and opportunities of climate change.
The investment represents UKCI’s second commitment in Sub-Saharan Africa and fifth investment in total. In January, UKCI and Investec announced that they would act as cornerstone investors in Revego Africa Energy Limited. The dedicated African renewable energy yieldco intends to seek a listing on the Johannesburg Stock Exchange later in 2019, targeting an initial listing size of R2 billion.
UKCI is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. UKCI forms part of the UK aid funded International Climate Finance. UKCI is managed by Macquarie Infrastructure and Real Assets, the world’s largest infrastructure manager.
About UK Climate Investments
UK Climate Investments is a £200 million pilot investment programme mandated to invest in India and sub-Saharan Africa. It targets transformational green energy investments where UK Climate Investments capital can mobilise additional private sector capital on a sustainable basis to promote cleaner, greener growth in these developing economies. UK Climate Investments LLP is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. It forms part of the UK’s aid funded International Climate Finance, which is a UK Government commitment to support emerging markets and developing countries to respond to the challenges and opportunities of climate change. UK Climate Investments is managed by Macquarie Asset Management, the world’s largest infrastructure manager. For further information, please visit: www.greeninvestmentgroup.com/what-we-do/uk-climate-investments and www.gov.uk/guidance/international-climate-finance.
Janine Tilley (Cape Town)
+27 21 201 6432
About H1 Holdings
H1 Holdings is a private investment company based in South Africa. The purpose of H1 Holdings is to improve the quality of life by producing cleaner energy. H1 Holdings develops, invests and operates clean energy projects.
H1 Holdings has built significant operational and technical capacity in the clean energy sector. H1 Holdings has interests in nine renewable energy power plants, with a gross generation capacity of 660MW. For further information, please visit: www.h1holdings.co.za.