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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.”

Kuala Lumpur to Singapore Highway Delayed

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The Malaysian government under Prime Minister Mahathir bin Mohamad has been reprioritizing its large-scale infrastructure developments. The highly anticipated railway from Kuala Lumpur to Singapore has been delayed by another five years. The governments of Malaysia and Singapore signed a formal agreement on September 5, 2018. The previous ruling party in Malaysia had set the railway in motion, but the current administration is seeking time for further review. A joint statement suggested that the railway was still a certainty.

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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