H1 Holdings celebrates the start of construction of three new solar plants, Grootfontein PV1, Grootfontein PV2 and Grootfontein PV3. The projects reached financial close on the 30th of June 2023. These new solar plants are the first solar projects to reach financial close under the fifth round of the REIPPP. H1 Holdings is now a shareholder in 23 renewable energy projects. The utility-scale solar projects, near Touws River in the Western Cape have a total capacity of 273MW and will offset 630 000 tonnes of CO2 emissions in each year of its 20-year operations. The project attracted ZAR5.1 billion in investments. H1’s shareholding is at 46.5%. The 20-year operations and management contract will be undertaken by Scatec Solar Operations, a company co-owned by Scatec and H1 Holdings. Construction is due to start in early 2024, with operations beginning in 2025. The Western Cape projects will supply approximately 100 000 South African homes with clean electricity and aid the surrounding communities with socio-economic and enterprise development growth
