Proventus buys African solar plants

Proventus buys African solar plants

Published: September 29, 2014

Dublin-based renewable energy company acquires two 20 MW plants in West Africa.

Proventus Renewables, a renewable energy company, has bought two West African solar plants.

The plants are each 20 MW in capacity and both have power-purchase agreements in place. The company is spending €36.8mn (US$46.7mn) to acquire them and will develop the project alongside a new, unnamed Swiss partner.

The deal marks an ongoing geographic expansion for Dublin-headquartered Proventus.

Traditionally the company has run projects in Central and Eastern Europe, specifically Bulgaria, Greece and Serbia. But in an announcement published via the London Stock Exchange last week (September 25), the board announced that it would be working on new projects in Africa, the Middle East and India.