This follows the Company’s recent announcement that further to an extensive review of the Company’s operations, the Company’s primary focus in the immediate term going forward will be on delivery of renewable energy projects. The funds raised shall be used to advance ShuRen’s projects in the region with focus on taking the Tati Solar Project to financial close. The Tati Solar Project is a world class 100 MW solar project near the city of Francistown and is currently in the late stages of development. The Project was recently issued and Environmental Authorisation and awarded a Generation License.
The Chief Executive Officer of Shumba, Mashale Phumaphi, commented: “We believe that fossil fueled projects will continue to be necessary for a transitional period however environmentally sustainable generation will continue to develop at significantly greater rates and is expected to become the main source of energy going into the future. The funding will support our efforts to promote sustainable and clean energy for regional consumption in the best interests of the planet and future generations.”