A South African engineering company that specialises in solving complex engineering problems in the energy and water fields
BBEnergy
Energy Group
A specialist advisor and investor in industrial clean energy projects in Southern Africa
Harmony Gold Mining Company
Mahlako Energy Fund
Infrastructural, Developmental and Environmental Assets Managed Fund (IDEAS Fund)
| Website | IDEAS Fund |
| Organisation Type | Funding Vehicle |
| Domicile | South Africa |
| Countries active | South Africa |
Infrastructural, Developmental and Environmental Assets Managed Fund (IDEAS Fund) is one of South Africa’s largest domestic infrastructure equity funds investing in renewable energy infrastructure (solar and wind projects) in the Southern African Development Community (SADC) region as well as in economic infrastructure (roads and railways) and social infrastructure (housing and public-private partnerships).
Investment Information
Overview
| Financial Instruments | Equity |
| Currencies | ZAR, USD |
| Fund Size | ZAR 21.5 billion |
| Activities Eligible | Series B and C, Early stage (pre-PPA), Mid stage (post-PPA), Late stage (equity partner, pre-EPC contract + debt financing) |
| Minimum Ticket Size | 3,000,000 – 10,000,000 (USD) |
Investment Updates
| Name | Type | Instrument | Amount | Country | Date |
| Harmony Gold Mining Phase I: Tshepong, Eland, and Nyala | Project | Equity | n/a | South Africa | 2 June 2022 |
Funding Received information
Overview
| Shareholder | African Infrastructure Investment Managers (AIIM) |
Funding Received Updates
| Name | Instrument | Amount | Country | Date |
| African Infrastructure Investment Managers (AIIM) | Equity | ZAR 21.5 billion | South Africa | 2 June 2022 |
Rand Merchant Bank
Harmony Gold Mining Phase I: Tshepong, Eland, and Nyala
Harmony Gold Mining Company is a 30 MW of ground-mounted solar project in the Free State Province. The plants – Tshepong, Eland, and Nyala – are located in the town of Odendaalsrus, and the power generated will be sold to Harmony Gold Mining under a power purchase agreement (PPA) for a period of 15 years.
| Name | Harmony Gold Mining Phase I: Tshepong, Eland, and Nyala |
| State | Free State Province |
| Country | South Africa |
| MW | 30 MW |
| Status | Commissioned |
| Type | C&I, Wheeling |
| EPC | Harmony Gold Mining Company, Energy Group, BBEnergy |
| Off-taker | Harmony Gold Mining Company |
| Cost | n/a |
| Technology | PV, Off-grid |
Financing Structure
| Organization | Financing Instrument | Amount |
| Rand Merchant Bank | Debt | n/a |
| Infrastructural, Developmental and Environmental Assets Managed Fund (IDEAS Fund) | Equity | n/a |
| Mahlako Energy Fund | Equity | n/a |
Updates
17 August 2023 – Mining company Harmony commissions 30 MW solar plants in South Africa
| Name | Role | Amount | Financing Instrument | Status |
| – | – | – | – | – |
2 June 2022 – Harmony Demonstrates ESG in action as it concluded ESG-linked loans and starts construction of three 10 MW solar PV Plants
| Name | Role | Amount | Financing Instrument | Status |
| Harmony Gold Mining Company | EPC | – | – | Added |
| Energy Group | EPC | – | – | Added |
| BBEnergy | EPC | – | – | Added |
| Rand Merchant Bank | Investor | n/a | Debt | Added |
| African Clean Energy Developments (ACED) | Advisor | – | – | Added |
| Infrastructural, Developmental and Environmental Assets Managed Fund (IDEAS Fund) | Investor | n/a | Equity | Added |
| Mahlako Energy Fund | Investor | n/a | Equity | Added |
E3 Low Carbon Economy Fund I
The fund targets investments in renewable energy, climate and digitalization in developing countries in sub-Saharan Africa, including Kenya, South Africa, Ghana and Nigeria.
Swedfund
Swedfund is a Swedish development finance institution founded in 1979 that is owned by the Swedish government and managed by the Swedish Ministry of Enterprise and Innovation. Swedfund’s operations are financed by capital injections, for which the Swedish Ministry for Foreign Affairs is responsible, and through reflows from the portfolio. It contributes to poverty reduction through viable and sustainable businesses in low and middle-income countries in Africa, Asia, Latin America and Eastern Europe.