Westbrooke and CVE South Africa partner to grow our green economy

Mar 18, 2024

CVE South Africa and Westbrooke Alternative Asset Management are pleased to announce the successful closing of a transaction involving the partial acquisition of CVE’s operating portfolio by Westbrooke’s Real Investment Fund.

Westbrooke is a multi-asset, multi-strategy manager and advisor of alternative investment funds and have provided more than R4.5bn in funding across its portfolios in South Africa, including tax-enhanced investments, with the Section 12B tax deduction enabling investors to participate in PV projects. This transaction, involving 5 underlying projects to the value of over R40m, marks the first transaction in the partnership between Westbrooke and CVE SA, with the objective of further investing in CVE’s project pipeline.

Westbrooke will entrust the day-to-day operational management of the plants to CVE (as an Independent Power Producer). CVE focuses on decentralized energy projects, mainly self-consumption projects for agricultural, industrial, and municipal customers geographically located in the Western Cape (Cape Town), Gauteng (Johannesburg) and industrial areas in the hinterland and on the east coast of South Africa.

CVE South Africa has a 11 MW PV and 3 MWh Battery portfolio, under construction and operation. CVE’s South African subsidiary plans to have a 147 MW fleet in operation and under construction by 2028. The company is certified “B Corp“, a prestigious CSR label that recognizes compliance with high social and environmental standards.

“With our heritage as an owner and operator of assets, we are committed to providing fast, flexible, value-added capital solutions to partners like CVE South Africa. This funding supports their growth strategies and allows us to execute on our goal to increase access to renewable energy alternatives in the commercial and industrial industries as South Africa’s narrative shifts in this space. We look forward to a continued partnership with CVE as their growth ambitions realise” said Saul Maserow, Westbrooke Alternative Asset Management, Fund Manager.
“This partnership transaction allows us to expand our investment and advance our growth strategy in the sales of solar energy to commercial and industrial off-takers. The South African electricity market is evolving towards decentralized, clean, and reliable energy supply, and we are excited to contribute to this transition” said Rene Laks, CVE South Africa, Country Manager.