Gaia Fund Managers has concluded agreements to refinance empowerment stakes in the De Aar 1 and De Aar 2 wind farms in the Northern Cape in a transaction valued at more than R100 million.
The transaction, concluded through Gaia Renewables 1, listed on the Cape Town Stock Exchange, replaces existing high-cost debt used to fund empowerment ownership in the projects.
De Aar 1 is a 100,5 MW wind project while De Aar 2 has capacity of 144 MW.
