South Africa’s Energy Crisis Sparks Money Manager’s Solar Fund
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South Africa’s ongoing energy crisis has caused rolling blackouts, weakened the South African rand and forced the declaration of a state of disaster. An alternative asset manager is touting a new fund that it says will help alleviate that crisis and make investors a healthy return.
Grovest’s Twelve B Green Energy Fund will ultimately seek to deploy as much as 1 billion rand ($56 million) annually, Chief Executive Officer Jeff Miller said in an interview, while noting its current pipeline is about a tenth of that. It will use the funds to invest in solar panels, inverters and batteries in residential complexes, commercial buildings and industrial buildings.