Fibon, a prominent South African renewable energy company, is on track to become the country’s latest billion-rand powerhouse. This leap forward comes after the company’s strategic partnership with Westbrooke Alternative Asset Management, which has provided Fibon access to the deep capital reserves needed to expand its green energy offerings.
With 12 years of experience developing behind-the-meter solar power projects, Fibon is now moving beyond solar energy to include a broader array of renewable energy solutions. These projects include the construction of a 100MWp solar power plant, registration to offer carbon credits, energy wheeling, and other groundbreaking initiatives that position the company as a leader in South Africa’s renewable energy sector.
Capital Powering Ambitious Green Energy Projects
Fibon’s ambitious plans include the construction of a 100MWp solar power plant, expected to be completed by 2026. The plant is a key part of its expanding portfolio, and it represents just one of several renewable energy innovations the company is spearheading. Other significant projects include:
- Carbon Credit Registration: Fibon is the first South African company to offer carbon credits, allowing other renewable energy firms to benefit through carbon offsetting projects. This initiative paves the way for a national carbon credit market.
- Energy Wheeling: Using Eskom’s infrastructure, Fibon is offering a wheeling model that enables efficient electricity distribution, now possible due to the unbundling of Eskom into distinct generation, transmission, and distribution entities.
- Financing Turnkey Projects: Fibon is offering more efficient financing solutions for renewable energy projects, combining the benefits of carbon credits and wheeling to create a cost-effective alternative to traditional bank financing.
In addition, Fibon is expanding into new renewable energy areas such as wind power, battery energy storage systems (BESS), energy trading, and carbon removal projects. These efforts will position the company at the forefront of sustainable energy development in South Africa.
Strategic Partnership with Westbrooke: The Key to Fibon’s Success
Avesh Padayachee, CEO of Fibon, believes that the partnership with Westbrooke is pivotal to the company’s future success. The partnership provides critical capital, allowing Fibon to execute its long-term strategy, which involves expanding its solar and battery projects. “We have created an exceptional, expert team to make our dreams for a sustainable energy future for South Africa a reality. The time has come to make our wider strategy happen, and we are delighted that Westbrooke shares our vision,” says Padayachee.
Westbrooke Alternative Asset Management has provided capital through its Renewable Energy Alternative strategy, which has already enabled Fibon to complete 11 solar and BESS projects for the financial year ending in February 2024. Looking ahead, Fibon plans to complete 15MWp of solar and BESS projects worth over R175 million in the 2025 financial year. The construction of the solar power plant will push Fibon’s assets under management to more than R1 billion, with funding provided by commercial lenders and institutional investors.
A Strong Partnership for South Africa’s Green Future
Westbrooke Fund Manager Saul Maserow highlights the importance of the Renewable Energy Alternative strategy in accelerating 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,” Maserow says. Westbrooke is committed to supporting Fibon’s pipeline of projects and growth ambitions.
This partnership is not only a game-changer for Fibon but also for South Africa, especially for the corporate and industrial sectors that Fibon serves. Fibon’s energy offerings are tailored to provide customers, as well as engineering and procurement companies, with the green energy solutions they need to thrive. These solutions include energy provision, carbon offsetting, and financing options, all aimed at building a more sustainable and prosperous future for South Africa.
Padayachee concludes, “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.”
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