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SA’s Public Investment Corporation to Help Finance Solar Projects

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The R$1.17 trillion South Africa’s Public Investment Corporation (PIC) along with SunEdison, Chint Solar, and the Kurisani Youth Development Trust announced a deal for R$2.6 billion (US$ 314 million) in equity and long-term financing for two South African solar projects.

The two utility-scale projects will have a total power capacity of 58 megawatts. These are the first utility-scale solar projects in the Limpopo province. South African Utility Eskom will purchase the power through a 20-year purchase power agreement (PPA).

Two Solar Utilities

  • Soutpan Solar Park – 28 Megawatts
  • Witkop Solar Park – 30 Megawatts

“The Public Investment Corporation always seeks to invest in projects that aim to achieve the Government Employee Pension Fund’s dual objective of investing for financial return and for positive social, economic, and environmental results,” said Dr. Dan Matjila, the PIC’s Chief Investment Officer. “PIC is passionate about environmental sustainability and contributing towards cleaner energy and a greener economy, hence we saw value in this investment. Over and above that, PIC is pleased that this investment will contribute immensely to job creation, particularly in Limpopo. The project is expected to create 318 jobs during construction, and 55 jobs on an on-going basis, with 44 of those designated for historically disadvantaged individuals. This investment will stimulate much-needed economic activity, thus directly contributing to the country’s economic development agenda.”

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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