Africa Clean Energy Solutions Initiates a 150MW AC Plant Project and a 10MW AC Project in South Africa.

Published On: February 15, 2024Company: Africa Clean Energy Solutions (ACES.mu)
What is the significance of the growth in both the rooftop solar and the ground-mounted solar businesses for ACES.mu?
The growth in both the rooftop solar and ground-mounted solar businesses demonstrates that despite a financial loss in the last six months of 2023, ACES.mu is expanding its operations and diversifying its income streams. This could potentially lead to increased revenue and profitability in the future, enhancing shareholder value.

Summary

  • The unaudited consolidated financial statements for the three and six months ended 31 December 2023 were presented.
  • Despite a loss of $229k for the six months ending December 2023, there were significant strides in both the rooftop solar and the ground-mounted solar businesses in South Africa.
  • Revenue from rooftop installations reached $529k, and additional $1m is expected to be invoiced by the end of the year.
  • Two ground-mounted solar projects started in South Africa within the six months leading up to December 2023.
  • One is a 150MW AC plant in Cullinan, Pretoria, and the other is a 10MW AC project in Ekurhuleni, Boksburg.
  • The permitting phase of each project is expected to be completed early in the third quarter of 2024, with funding process in progress.
  • Power Purchase Agreements are being finalized.
  • The 10MW Ekurhuleni plant is expected to be completed early in the second quarter of 2025 and Cullinan project by end of 2025.

Useful links

About Africa Clean Energy Solutions (ACES.mu)

Africa Clean Energy Solutions Limited (ACES) was incorporated in Mauritius on 8 December 2017 and holds a GBC1 license. ACES has been established with the aim of developing and operating clean energy power plants throughout Africa and to become a significant independent provider of clean energy. The goal of the company is to become a utility company in various African countries in the renewable energy field. Africa Clean Energy Solutions Limited is listed on the Stock Exchange of Mauritius.

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