International law firm Addleshaw Goddard has advised Norwegian development finance institution Norfund on the sale of its interest in the Upington solar projects in South Africa to South African fund manager, Stanlib.
Norfund, has sold its 18% stake in the 258MW solar power plant in the Northern Cape province, which became fully operational in 2020. Through their original investment Norfund has led the addition of these vital renewable megawatts to the South African energy system and this sale allows Norfund to hand these assets over to best in class South African owners and to redeploy the proceeds toward the further development of renewable energy in South Africa and beyond.
The AG team advising on the deal was led by Rory Connor, and included William Morrison, Tunmise Omotoyinbo and Sam Walley.
Rory Connor said: "We are delighted to have assisted Norfund on the sale of its interest in these projects.
"We are committed to helping our clients with projects and transactions which make a real impact in terms of economic growth, industrial development and the transition to net zero and it has been a pleasure to be involved with this project."
The AG team worked in parallel with a team from Oslo-based renewables energy company Scatec – which was Norfund's JV partner and sold its interest in the projects at the same time.