Old Mutual’s Hybrid Equity has committed preference share funding to Hydra HoldCo, propelling the acquisition of a 35% equity stake in the TotalEnergies Hydra Storage Project. This investment aligns with the increased climate action advocated by African leaders at COP28.
Advancing Renewable Power Generation and Economic Benefits
The Hydra Storage Project, featuring a 216MWp solar photovoltaic facility coupled with 497MWh Battery Energy Storage, promises substantial social and economic advantages. These include enhanced dispatchable renewable power generation, job creation, and a reduction in greenhouse gas emissions.
Strategic Location and Project Details
Situated in the Northern Cape, the project encompasses three co-located sites with a contracted capacity of 75MW at the delivery point, supplying energy to the national transmission grid. Construction is slated to commence before the end of the year.
Addressing Load-Shedding Challenges and Climate Goals
Hybrid Equity co-head Mujaahid Hassan emphasizes that the Hydra Storage Project addresses immediate load-shedding challenges and aligns with South Africa’s climate change objectives. The venture signifies a pivotal step in the country’s pursuit of sustainable energy.
Project Milestones and Strategic Investment
The project, initiated through the RMIPPPP (Risk Mitigation Independent Power Producer Procurement Programme), achieved preferred bidder status in March 2021 and reached financial close in December 2023. This strategic investment by Old Mutual Alternative Investments (OMAI) underscores a strong endorsement of South Africa’s renewable energy ambitions.
Contributing to Energy Independence and Sustainability
Christopher Aberdein, Director of Hydra HoldCo, views OMAI’s investment as more than financial backing, emphasizing its role in shaping a sustainable and resilient energy future. As South Africa grapples with load-shedding and climate challenges, such investments become pivotal for the nation’s energy landscape.
Source：itweb.co.za
