Inaugural edition
ENEAGEX African Renewable Asset Benchmark
The reference pricing view for secondary interests in operating African renewable assets — generated by the ENEAGEX engine across the listed book, marked to the SARB curve of 2026-07-05.
18
listed assets
1,182 MW
aggregate capacity
R 15.35bn
aggregate project value
R 1.42bn
listed stakes, fair value
| Technology | Assets | MW | Cost of equity (Ke) | Buyer target IRR | Liquidity discount | Avg yr-1 cash yield |
|---|---|---|---|---|---|---|
| Solar PV | 8 | 467 | 12.9–16.9% | 14.7–19.1% | 7.7–17.7% | 9.2% |
| Wind | 7 | 620 | 13.4–15.4% | 15.2–17.6% | 8.6–17.1% | 9.9% |
| Hydro | 3 | 95 | 15.7–17.7% | 17.4–19.9% | 7.1–16.8% | 8.0% |
| Bid window | Solar PV | Wind | Note |
|---|---|---|---|
| BW4 (2015) | ≈ R0.62/kWh | ≈ R0.62/kWh | base-year; avg equity IRR ~9.5% |
| BW5 (2021) | ≈ R0.43/kWh | ≈ R0.50/kWh | weighted avg; IRR ~11.35% |
| BW6 (2022) | ≈ R0.45–0.49/kWh | none awarded | grid constraints on wind |
| BW7 (2024/25) | ≈ R0.46/kWh | none awarded | solar only |
Base-year figures from public IPP Office data; CPI-escalate to a common date before comparison. Curated quarterly.
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Methodology: engine-generated fair values (equity cash flows after debt service) discounted at rates built from the SARB curve; issue pricing at buyer target IRR per ENEAGEX Assumptions Pack v0.2 (pending sign-off). Indicative, for information purposes only; not an offer, solicitation or investment advice. Sample listings are illustrative of platform capability.