South African state-owned pension fund manager Public Investment Corp. will invest US$1.8 billion to buy stake in two solar-power projects in the country that have 200 megawatts of combined capacity.
PIC will get a 20% stake in the Xina and Ilangalethu projects that are developed by state-owned. It will also extend a US$49 million loan to the Ilangalethu farm.
“Electricity remains an important contributor to South Africa’s economic development and, for this reason, we believe that investment in the renewable energy sector is critical,” PIC Chief Executive Officer Daniel Matjila said.
