Prescient Investment Management’s Clean Energy Fund is investing R220 million in H1 Holdings for the development of three solar PV farms in Touws River, Western Cape.
- H1 Holdings, a black-owned and managed company focused on clean energy projects, will utilize the investment to fund the Grootfontein solar PV farms, each with a capacity of 75MW.
- The projects were awarded in the fifth bidding round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the Department of Mineral Resources and Energy.
- Once completed, the solar farms are expected to provide clean power to approximately 100,000 households, reducing CO2 emissions by an estimated 630,000 tonnes per year.
- The investment aligns with Prescient’s focus on providing investors access to environmental, social, and governance (ESG) products and supporting renewable energy generation to address South Africa’s energy crisis.
- The construction of the solar farms is estimated to take between 12 and 18 months, with power delivery anticipated to begin in 2025.
- The Prescient Clean Energy Fund has invested in 31 renewable energy projects worth a total of R3.7 billion, contributing 2.3GW of clean energy to the national grid and creating 1,343 jobs.
- The investment not only promotes clean energy but also supports the socioeconomic development of surrounding communities by providing employment opportunities and other initiatives.
- H1 Holdings holds a 46.5% equity stake in the Grootfontein solar PV farm projects, while Scatec Solar and Community Trust are also shareholders