Magugua Hydro project in Eswatini

The collaboration between ACED and EIMS Africa has been instrumental in bringing the project to fruition. ACED will oversee construction management, while EIMS Africa will manage operations and maintenance, ensuring the project's long-term success.

All energy generated will be sold to the Eswatini Electricity Company (EEC) under a Power Purchase Agreement (PPA).

"We are incredibly proud to reach this milestone," said James Cumming, CEO of ACED.

"This project not only strengthens Eswatini's energy security but also creates jobs and supports local development."

Standard Bank South Africa played a key role as the lead arranger, with Standard Bank Eswatini, Standard Bank South Africa, and PSPF providing debt financing.

The continuous support of AIIM and Old Mutual Eswatini, along with Eaglestone, Cliffe Dekker Hofmeyr, Pinsent Masons, Fasken, Bastion, AEVO and DNV in their advisory capacities, was instrumental in achieving financial close for the project.

Critical infrastructure

Sherrill Byrne, EVP for energy and infrastructure at Standard Bank, emphasised the project's importance in supporting Eswatini's transition to cleaner energy sources.

"This deal unlocks critical renewable energy development, reducing reliance on traditional forms of energy and promoting a sustainable future."

Masotja Vilakati, CEO of PSPF, highlighted the project's positive impact on job creation, industrialization, and income generation for the Fund.

This accomplishment adds to the impressive track record of ACED and EIMS Africa, who have collectively brought approximately 500MW of renewable energy projects to financial close in the past two years.

Their combined expertise and dedication solidify their position as leaders in renewable energy development and operation in South Africa and across the continent.