In 2018, we announced plans to invest in the development of renewable energy projects in sub-Saharan Africa.
One of these equity investments is support for Invest Solar Africa Limited, a Botswana-based renewable energy investor and independent power producer (IPP). This pan-African IPP is planning to list on the Venture Capital Board of the Botswana Stock Exchange through an initial public offering (IPO).
Invest Solar’s first project is the Havara solar plant, with the capacity to add 22 megawatts to Zimbabwe’s power grid, scheduled for commissioning in the second quarter of this year. In addition to the initial 22MW, an additional 20MW is planned as a second phase of this project.
Through its Supply Chain Solution, the Ecsponent Group has been enabling local vendors in the region to supply major equipment, including batteries, solar panels, inverters, mountings and transformers to various renewable energy projects. To date, Ecsponent has received orders of over US$17.4 million through its specialised procurement business.
While our support for this and other renewable energy projects continues, the management of Invest Solar took a strategic decision to delay the IPO to coincide with the commissioning of the Havara plant. Accordingly, Ecsponent today announced that it will not be issuing a circular to shareholders to approve the support for the IPO at this point in time. It will re-enter negotiations once the IPO has been rescheduled and engage with shareholders to pursue an investment in Invest Solar Africa once the Havara project has been commissioned.