Fibon to expand into wind, BESS and energy trading through Westbrooke partnership

Renewable-energy company Fibon has formed a strategic partnership with asset management firm Westbrooke Alternative Asset Management to expand its range of renewable-energy products and offerings.

The partnership provides Fibon with access to sources of capital to accelerate its growth and innovation in the sector.

From this, the company will build its own 100 MW solar power plant, which is scheduled for completion in 2026, and will register to offer carbon credits that will also enable other renewable-energy companies to benefit through a carbon-offsetting aggregation project.

Fibon will also offer wheeling by leveraging State-owned power utility Eskom infrastructure. It will also provide financing for turnkey energy projects, which is faster, more cost-effective and better suited to the renewable-energy sector than banks’ funding offerings. These projects will also be able to harness the benefits of Fibon’s carbon credit and wheeling options.

Further, the company will also expand into wind energy, battery energy storage systems (BESS) and energy trading, as well as carbon-removal projects.

The partnership with Westbrooke Alternative Asset Management is vital for Fibon to achieve its strategic goals in behind-the-meter solar and battery projects, says Fibon CEO Avesh Padayachee.

“We have an expert team with the required capacity and experience built up over the past 12 years. The time has come to make our wider strategy for a sustainable energy future for South Africa happen,” he says.

Westbrooke’s Renewable Energy Alternative strategy funding transaction with Fibon provided capital to 11 solar power and BESS projects during Fibon's financial year to the end of February 2024.

During the current financial year to end February 2025, Fibon will oversee the construction of 15 MW of solar and BESS projects worth more than R175-million.

The construction of its solar power plant will bring its assets under management to more than R1-billion, which will be funded by commercial lenders and institutional investors.

 Westbrooke's Renewable Energy Alternative strategy has been developed to help partners such as Fibon expedite the transition to green energy in South Africa, Westbrooke Fund Manager Saul Maserow says.

“We continue to support Fibon with capital to deliver on its project pipeline and growth ambitions,” he says.

“By providing our direct customers, as well as engineering, procurement and construction businesses in the renewable energy sector, with the green energy, carbon offsetting, wheeling and financing resources they need, we and Westbrooke can play our part in building a sustainable, productive and prosperous future for South Africa,” Padayachee says.