Africa's largest money manager to invest in $1.8B solar energy plants in South Africa

The Public Investment Corp., Africa’s biggest money manager, invested in two South African solar-power plants worth 22 billion rand ($1.8 billion) to help boost energy supplies in the continent’s second-biggest economy.

The PIC took a 20 percent stake in each of the two facilities in the Northern Cape province, Xina and Ilangalethu, which will have a combined 200 megawatts of energy, the Pretoria-based company said in a statement on Wednesday. The project in Ilangalethu will also receive 600 million rand of debt financing. The PIC has invested in nine renewable energy projects, the company said.

“Electricity remains an important contributor to South Africa’s economic development and, for this reason, we believe that investment in the renewable energy sector is critical,” PIC Chief Executive Officer Daniel Matjila said in the statement. The company manages most of South African government-worker pension funds.

Read more: PIC to Invest in $1.8 Billion South Africa Solar Projects – Bloomberg Business.