NextEnergy Capital has acquired a 20% stake in AfriTrak , a South-Africa based solar panel manufacturing and services company.
AfriTrak provides services to NextEnergy’s Waterberg $25million energy project located near Johannesburg. The company offers solar power operators locally produced solar panels, based on a manually operated tracking system. AfriTrak’s panels are a hybrid between traditional fixed panels, which are considered inefficient, and fully automated tracking systems. Tracking systems follow the motion of the sun through the sky and are estimated to produce around 35% more power than fixed panels.The deal has been structured through NextEnergy’s recently launched $500million ix:Africa fund.
“We have built a dedicated team of professionals with relevant expertise in the sector who will work in parallel, securing investment and developing projects at the same time,” said Stefano Sommadossi, founding partner at NextEnergy Capital. “There are significant opportunities for capital investors in this space and we want to be able to deploy capital straight away.”
Based in Allens Nek, AfriTrak expects to develop 360MW of installed capacity in the next 5 years across Southern Africa. AfriTrak’s developers are working with Thupela Energy to establish a 6.5MW (DC nameplate) solar power plant, as part of the South African government’s IPP-Renewable Energy procurement programme.