This follows reaching financial close pursuant to project lender approval last week, with Competition Commission approval in April 2025.
The deal, initially funded with debt and equity, will see the fund gaining a 10% holding in each of the Linde and Kalkbult solar photovoltaic plants in the Northern Cape.
The seller is the IDEAS Renewable Energy Fund, which is managed by African Infrastructure Investment Managers (AIIM).
The fund will issue a batch of preference shares to existing shareholders with additional issuances to follow over the next 12 months to fund additional transactions.
Gaia Fund Managers has concluded 16 renewable energy transactions on behalf of investors, with Gaia Renewables 1 already owning a 16% stake in the Tsitsikamma Community Wind Farm in the Eastern Cape.
The two new renewable assets were constructed during the government’s first round of allocations in the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) in a bid to relieve the country of its reliance on aged coal-fired power plants.
