JSE-listed Hulisani acquires solar farm
JSE-listed investment group Hulisani, says it has acquired Momentous Technology for R122 million.
Momentous Technology is a holding company, with its only asset being its shareholding in Rustmo1, an operational 7 MW solar photovoltaic (PV) plant.
Hulisani, which is focused on energy opportunities, said this latest purchase gives the business an indirect controlling shareholding in Rustmo1, established in November 2013 and the first independent power producer to be connected to the grid.
“Following the acquisition of Kouga Wind Farm earlier this year, the Rustmo1 solar PV farm not only expands our energy investments into solar, but also marks our first investment in an operational power producer,” said Marubini Raphulu, Hulisani’s chief investment office.
Hulisani posted a loss of 13 cents per share, with headline earnings per share showing a loss of one cent per share.
The net asset value per share at the end of February 2017 is R9.88 per share.
The group earned interest income of R25.7 million against expenses of R31.7 million, resulting in a loss of R6 million, included in the expenses were the once off costs of the listing fee of R2.4 million and escrow safe custody fees of R2.6 million.
In its first year of operation, Hulisani said it has reviewed thirty potential transactions and bolstered its skilled professional team. “Hulisani is set for growth through capital raising and organic growth and we expect to begin to see the impact of our new investments within three years,” said Raphulu.
Read: How you can make money from solar panels in South Africa
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