RENERGEN Limited, a company in the fast-developing alternative energy industry listed on the Johannesburg Stock Exchange’s AltX board is the first Special Purpose Acquisition Vehicle (SPAC) from South Africa to list on the exchange.
The Johannesburg Stock Exchange established the Special Purpose Acquisition Company structure to make it possible for companies to list for the purpose of capital raising to enable the acquisition of viable assets. RENERGEN raised around N$74 million in primary capital prior to listing. The company plans to invest in alternative and renewable energy projects of up to N$500 million or more such as natural gas and hydro-electricity using debt and top-up equity from shareholders as required to deliver competitive returns on capital employed. Stefano Marani, Chief Executive Officer of RENERGEN said, “we believe that the world is on the verge of unprecedented growth in the production and use of alternative energy sources. By increasing access to reliable, clean energy we can accelerate economic growth in sub-Saharan Africa, where potential energy resources are more than sufficient to meet the region’s overall needs.