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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.”

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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