Banking and finance team advises Black female-owned DLO Energy Group in wind farm transaction
Global | Press release - Business | July 2023
Our South Africa lawyers represented DLO Energy Resources Group, a fully Black female-owned renewable energy company, in the acquisition of 30% equity stake in the broad-based black economic empowerment special purpose vehicle of the Longyuan Mulilo wind projects in the Northern Cape.
The legal team saw the closing of this strategic acquisition that will now set the group up as the largest Black female-owned shareholder in one of South Africa’s largest operational wind farms, solidifying its commitment to renewable energy and the empowerment of women.
Based in Johannesburg, DLO Energy Resources Group operates as an independent power producer, driving the transition to clean and sustainable energy solutions in South Africa and other parts of the African continent.
The Longyuan Mulilo wind projects – a collaboration between DLO Energy Resources Group, China Longyuan Power Group, a consortium of South African entities and a local community trust – boast a combined capacity of 244 MW.
These wind farms, comprising 163 turbines, have been actively feeding clean electricity into the national grid since 2017, contributing to South Africa’s energy needs and mitigating the impact of loadshedding.
The wind farms have reduced carbon emissions by an estimated 619 900 t/y of carbon dioxide, furthering South Africa’s commitment to combat climate change.
Director Izak Lessing, who led the legal team, said:
“We are delighted with this closing, as it demonstrates the banking and finance team’s continued commitment to delivering full service legal solutions in the renewable energy space. In particular, the team advised on the preference share funding for the acquisition of the equity, refinancing of existing preference shares and the associated tax elements. We are proud to assist DLO Energy Resources Group and its CEO, Linda Mabhena-Olagunju, in reaching this momentous milestone.”
Along with Lessing, the Norton Rose Fulbright team included director Izak Lessing (banking and finance), director Dale Cridlan (tax), senior associate Tshegofatso Rammutla (banking and finance) and trainee Ashley Honywill-Strachan.
