Fibon, a leading renewable energy company in South Africa, has taken a major step towards expanding its ambitious green energy projects through a new partnership with Westbrooke Alternative Asset Management. This partnership provides Fibon access to deep capital resources, ensuring that its vision for a sustainable energy future can become a reality.
Fibon’s Renewable Energy Expansion
Fibon has been a key player in South Africa’s renewable energy sector for the past 12 years, with a strong focus on developing and constructing behind-the-meter solar power projects. Now, with the financial backing from Westbrooke, the company is set to expand its offerings to include a variety of innovative energy solutions. These projects are part of a broader strategy aimed at revolutionising the renewable energy landscape in South Africa. Some of the key developments include:
- 100MWp Solar Power Plant: Fibon is currently constructing its own solar power plant, scheduled for completion in 2026. This plant will add significantly to the country’s renewable energy capacity.
- Carbon Credits: Fibon is poised to become the first South African company to register and offer carbon credits. This will not only benefit Fibon but also pave the way for other renewable energy companies to take advantage of carbon offsetting through aggregation projects.
- Wheeling: With the unbundling of Eskom into distinct generation, transmission, and distribution units, Fibon plans to leverage this infrastructure for wheeling—a model that allows energy providers to use Eskom’s grid to supply electricity to their customers. This approach is set to transform the energy supply chain in South Africa.
- Faster Financing for Energy Projects: Fibon has developed a new financing model tailored specifically to the renewable energy sector, offering faster, more cost-effective funding compared to traditional banks. This model integrates the company’s carbon credit and wheeling offerings, making it an attractive option for turnkey energy projects.
- Expansion into Wind and Energy Storage: Fibon’s strategic growth includes venturing into wind energy, battery energy storage systems (BESS), energy trading, and carbon removal projects. These initiatives align with global trends towards diversified and sustainable energy sources.
The Westbrooke Partnership: A Catalyst for Growth
Fibon’s CEO, Avesh Padayachee, credits the partnership with Westbrooke Alternative Asset Management as vital for achieving the company’s ambitious goals. Padayachee emphasised that the collaboration brings the necessary capital and expertise to expand Fibon’s footprint in the renewable energy sector.
“We have created an exceptional, expert team to make our dreams for a sustainable energy future for South Africa a reality. Over the past dozen years, we have painstakingly built the required capacity and experience. The time has come to make our wider strategy happen, and we are delighted that Westbrooke shares our vision and has come on board with us,” said Padayachee.
Westbrooke’s Renewable Energy Alternative strategy has already made a significant impact, providing capital for 11 solar and BESS projects during the 2024 financial year. In the upcoming year, Fibon plans to oversee 15MWp of solar and BESS projects worth more than R175 million. With the construction of its solar power plant, Fibon’s assets under management will exceed R1 billion, funded by a combination of commercial lenders and institutional investors.
Saul Maserow, Fund Manager at Westbrooke, expressed confidence in the partnership’s potential to fast-track South Africa’s transition to green energy. “Working with Fibon over the past year has been a great start to what we believe will be a successful partnership. We continue to support the business with capital to deliver on its project pipeline and growth ambitions,” Maserow said.
A Game-Changer for South Africa’s Energy Sector
Fibon’s partnership with Westbrooke is not just significant for the company but also holds broader implications for South Africa’s corporate and industrial sectors. The combined expertise and resources of Fibon and Westbrooke are set to provide customers, as well as businesses in the renewable energy sector, with essential green energy solutions, carbon offsetting options, and financing.
Padayachee concluded by highlighting the partnership’s impact: “By providing our direct customers, as well as engineering, procurement, and construction businesses in the renewable energy sector, with the green energy, carbon offsetting, wheeling, and financing resources they need, we and Westbrooke are able to play our part in building a sustainable, productive, and prosperous future for South Africa. And that is something to be particularly proud of.”
Conclusion
The partnership between Fibon and Westbrooke Alternative Asset Management marks a significant milestone in South Africa’s renewable energy journey. With their combined resources and innovative approaches to energy financing, the two companies are well-positioned to drive the country’s transition to sustainable energy. Their efforts not only support the growth of the renewable energy sector but also contribute to a greener, more sustainable future for South Africa.
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