Proventus buys 40 MW of West African solar assets

Sep 29, 2014 - Ireland-based wind and solar farm operator Proventus Renewables said on Monday it had taken possession of 40 MW of photovoltaic (PV) projects in West Africa.

More specifically, the company has acquired two fully funded, shovel-ready solar schemes of 20 MW each. The capital expenditure for each of them is EUR 18.4 million (USD 23.4m). Power purchase agreements (PPAs) have already been secured, the buyer said.

Proventus will work on the projects together with a Swiss energy firm, with which it recently joined hands to develop over 1,000 MW of renewable energy projects in India, the Middle East and Africa.

The acquisition is in line with Proventus’ expansion in West Africa, chairman Liam McGrattan noted. At present, the Irish firm operates wind and solar farms in central and eastern Europe and also provides renewable energy consultancy services, it says on its website.

(EUR 1.0 = USD 1.269)

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