Xaris Holdings, a power developer company incorporated in Mauritius, and Ariya Capital Group, have announced they will be forming a joint venture to develop environmentally friendly, renewable power projects in sub-Saharan Africa.
The announcement follows a thorough due diligence process by both companies.
The combined entity will be known as Ariya Energy Ltd and will continue to focus on the development of Namibia’s Walvis Bay gas-fired power plant. Other key projects are earmarked for imminent development throughout sub-Saharan Africa.
Ariya Capital Group’s executive chair, Dr. Herta von Stiegel, said she was excited about the tie-up with Xaris Holdings. “We are looking forward to a partnership that will accelerate the delivery of clean and renewable energy on the African continent and respond to the growing need for reliable clean energy in order to fast-track the economic development of the region.”
Xaris Holdings chairman Hennie Steyn says the Ariya Energy team will comprise world-class project developers, engineers and financiers with proven track records who will be in a position to contribute to the transfer of skills. “Ariya Energy has a strong commitment and focus on skills delivery and capacity building everywhere it operates.”
Added von Stiegel, “Ariya Capital and Xaris Holdings bring complimentary skills, expertise and resources to the partnership,” Steyn says. “Our new partners are currently developing and acquiring a number of carefully selected power assets across sub-Saharan Africa in the areas of gas, wind and solar.”
According to Steyn, the new entity will have sufficient resources to take on large-scale projects in the sector. “Ariya Energy will have a combination of self-funded and international sources of capital that will allow it to fund itself through the development phase, as well as financing its own equity in the projects it develops and acquires.
“This blend of capabilities will allow the new entity to fast-track the project development process and to move quickly when acquiring assets.”
According to Steyn, bringing projects to market rapidly and efficiently is critical for Ariya Energy to meet its goal of delivering power to the markets in sub-Saharan Africa. “This will help to reduce the power deficits that are negatively impacting so many economies in the region,” he says.