PIC acquires power plant

Johannesburg - The Competition Tribunal has given the Public Investment Corporation (PIC) the green light to acquire control of a solar energy supplier.

The PIC acquired the power plant on behalf of the Government Employees Pension Fund. 

The PIC said it has “non-controlling interests in a number of independent power producers (IPPs) supplying solar power to the Eskom national grid”.

The solar energy supplier CPV Power Plant No 1 Bond SPV (RF) Limited is a special purpose vehicle owned by German company Solitec Solar.

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PIC said Equity SPV is “a special purpose vehicle established for the purpose of designing, developing, constructing and operating a solar energy plant in Touwsrivier, Western Cape”.

This announcement comes after Minister of Energy Jeff Radebe signed a R56bn contract with 27 independent renewable energy power producers.

PIC said Touwsrivier Solar was established as a result of the Department of Energy’s renewable energy independent power procurement programme.

“Touwsrivier Solar uses third generation concentrated photovoltaic technology and it is the only one of its kind in Africa,” PIC said.