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Vantage GreenX Fund Advisors (Pty) Limited established Vantage GreenX Note I in 2013 (Note I), and in 2017 established Vantage GreenX Note II (Note II). Both Note I and Note II are funds which invest in energy and South African renewable energy projects that exhibit stable cash flows and strong defensive characteristics.


GreenX Note I and II provide investors with exposure to South African renewable energy projects through investments in the senior and subordinated debt in projects that form a part of a carefully selected portfolio. GreenX has gone about carefully selecting a portfolio of assets to ensure Fund performance in accordance with its mandate. This objective is achieved through careful consideration of the following key factors (inter alia):


  • The underlying sponsor and construction entities
  • The technology and track record thereof
  • The geography of each particular project
  • The social and environmental contributions of the project.


GreenX seeks to capitalise on three major economic trends:


  1. The continued commitment of the South African government to reducing the country’s carbon footprint through the extended rollout of a renewable energy program,
  2. The requirement that the majority of funding for these projects originates from local banks in ZAR, and the foreseeable requirement for increased liquidity in the market going forward due to forthcoming statutory requirements such as Basel III, and
  3. The expansion of African infrastructure, in particular energy infrastructure, to support sustainable economic growth on the continent.

GreenX Note I – Inaugural Project Portfolio


The inaugural GreenX Note I has constructed a portfolio with exposure to eight renewable energy projects, all of which have reached their operational stage since the initial investment.


  • A 30MW solar PV plant in Mpumalanga
  • A 28MW solar PV plant in Mpumalanga
  • A 75MW solar PV plant in the Eastern Cape
  • A 74MW wind plant in the Northern Cape
  • A 140MW wind plant in the Eastern Cape
  • A 134MW wind plant in the Eastern Cape
  • A 85MW solar PV plant in the Northern Cape
  • A 100MW solar CSP power plant in the Northern Cape


GreenX Note II – Project Portfolio,


Since initial establishment, GreenX has evolved into a financial-close lender, investing alongside banks. GreenX provides investors with the opportunity to invest in an asset class that may not ordinarily have been considered, nor been available for investment in the ordinary course of business. Following on from the success of Note I, the GreenX reached final close on Note II in 2018, with commitments of R3.0 billion ($214 million). Note II has the same fund structure as Note I, and also focusses on investing senior debt in South African renewable energy projects. Note II differs from Note I in its focus on the provision of CPI-linked debt, allowing GreenX to act as a financial-close lender, rather than merely a sell-down and syndication channel for banks.


To date, GreenX Note II has constructed a portfolio of six renewable energy projects, all of which remain in the construction stage since initial investment:


  • A 75MW solar PV plant in the Northern Cape
  • A 75MW solar PV plant in the North-West
  • A 120MW wind plant in the Eastern Cape
  • A 33MW wind plant in the Western Cape
  • A 45MW solar PV plant in the Northern Cape
  • A 86MW solar PV plant in the Northern Cape


Beyond Note I and Note II, GreenX will also explore additional power and infrastructure opportunities in addition to the Renewable Energy IPP programme including gas and co-generation programmes. Other countries on the continent are investing in significant infrastructure programmes, with sustainable energy constituting a large proportion. The Advisor will explore opportunities to provide investors exposure to ex-SA projects, and providing additional financing avenues for African projects.

What Investor value does GreenX provide?


  • GreenX will carefully select projects and hand-pick a portfolio to ensure an optimal balance of technologies, locations and sponsors, so as to diversify any single concentration risk.
  • GreenX will engage with primary lenders and at a detailed project level to provide investors with exposure to the energy sector, mainly renewable energy projects that institutional investors wouldn’t otherwise consider on a standalone basis.
  • Vantage has developed extensive networks on the continent, enabling access to attractive deal flow that investors will be able to leverage off.
  • Through its management team and credit committee, the GreenX Fund will bring a team to each negotiation that understands project finance and will play an active role in project and loan documentation negotiations.
  • GreenX provides investors with an attractive, risk-adjusted return linked to long-term CPI whilst at the same time offering a compelling financial solution to potential investees.