Fibon Expands Renewable Energy Goals

Key Figures & Findings: Fibon, a South African renewable energy company, has secured a strategic partnership with Westbrooke Alternative Asset Management specializing in multi-asset and multi-strategy management of alternative investment funds to scale its green energy portfolio. Fibon aims to construct a 100 MW solar power plant set for completion by 2026. The partnership provides Fibon with capital access for new developments, including wind energy, battery energy storage systems (BESS), and energy trading. CEO Avesh Padayachee highlights the company's 12 years of experience and expertise, positioning them to leverage Eskom’s infrastructure for wheeling services and turnkey project financing, offering quicker, cost-effective alternatives to traditional bank loans.

Statistics & Insights: Fibon's ongoing projects include 15 MW of solar and BESS infrastructure valued at $9.2 million, to be completed by the end of February 2025. With this and future developments, Fibon's assets under management will surpass $52 million, backed by commercial lenders and institutional investors.

Future Implications: This partnership with Westbrooke could enhance both companies' roles in providing financial resources and green energy solutions such as  solar and wind energy for the country

Source: Engineering News