1 June 2020: PASH Global (PASH), an impact investor and developer of clean power and renewable energy projects that is majority owned by commodity trading firm Trafigura, has signed a 25-year Power Purchase Agreement (PPA) with Connect Saint Helena Ltd , Saint Helena’s sole utility. The project will deliver the lowest cost electricity to Saint Helena and reduce the islands reliance on imported diesel, switching entirely to renewable energy to meet majority of the electricity needs, making Saint Helena one of the “greenest” islands in the British Overseas Territories. PASH will transfer the generation assets to Connect post the PPA term allowing the island to produce power for the residual life of the asset.
PASH’s microgrid solution provides an innovative hybrid of technologies including a full 568kWp/ 500kW solar farm; 2.7MW wind farm made up of three turbines; and a 3.2MWh/3.5MW Battery.
The Project supports the aims of the Island’s Energy Strategy notably that ‘St Helena will increase the production of energy through renewable sources, and reduce the Island’s reliance on imported fuels, increase fuel security and price stabilisation’. It will also support the 10-Year Plan’s aim to ‘Invest in renewable energy with a view to becoming 100% self-sufficient’ and supports the Sustainable Economic Development Plan by ‘increasing the amount of renewable energy on-Island, reducing reliance on diesel and encouraging improvement of distribution networks required to avoid significant increases in energy costs in the future’. This demonstrates PASH’s committment to reducing carbone missions and St Helena’s commitment to the environment and sees the Island as a global leader in renewable technology.
“We are honored to be selected to partner the Government of Saint Helena and Connect to provide an innovative power solution to deliver the lowest cost of power to Saint Helena and enable the transition towards a net zero emissions target. Saint Helena now joins a number of Islands taking practical action to tackle climate change. The project will not only save over 150,000 metric tons of carbon emissions over its useful life, it will also provide Saint Helena with security of electricity supply from a unique hybrid of renewable sources. In the midst of these challenging times, signing this Contract with Connect represents a significant milestone of which we are proud. We would like to thank all involved and in particular our project partners Close Brothers and Sterling and Wilson for their unwavering support” said PASH Global founders Kofi Owusu Bempah and Vine Mwense.
For further information contact:
PASH Global PR & Communications Team:
Tel: +44 (0)207 846 1741 or Email: firstname.lastname@example.org
Trafigura’s Global Press Office: +44 (0)207 846 1741 or email@example.com
St. Helena Website
About Connect Saint Helena
Connect Saint Helena Ltd is a commercially operated company, responsible for delivering multi-utility services sustainably and efficiently to the communities of St Helena Island. The Company is owned by the St Helena Government and came into operation on 1 April 2013, employing between sixty and seventy personnel. A board of directors consisting of two executive directors and three non-executive directors has been appointed with the Chief Executive Officer overseeing the day-to-day operations of the Company.
About PASH Global
PASH Global (PASH) is an impact investor in the clean energy sector. Headquartered in London, PASH was established in 2012 with the intention of using the latest innovations in technology to develop, finance, build, operate and maintain power assets globally. Trafigura, a market leader in the global commodities industry holds a majority shareholding in PASH. As an impact investor, PASH works beyond its bottom line to enhance the social and environmental impacts of its projects. Visit: www.pashglobal.com.
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including 49.3 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura’s Mining Group; and Galena Asset Management. The Company is owned by over 700 of its 8,000 employees who work in 80 offices in 41 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD 171.5 billion in 2019. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Visit: www.trafigura.com.