• Overview
  • Investment highlights
  • What is 12B
  • Why invest
  •  Investment team
  • How it works
  • Our track record
  • Our partners
  • Portfolio overview
  • fund overview

    Westbrooke Renewable Energy Alternatives (Westbrooke Real) invests into a diversified portfolio of solar photovoltaic projects across South Africa, alongside Westbrooke’s exclusive, market leading partners. Projects are secured against power purchase agreements entered into with quality end users, each of which have been assessed and approved by Westbrooke’s internal credit team.

    By utilising the Section 12B and Section 12BA tax deductions contained within the South African Income Tax Act, Westbrooke Real provides investors with an up to 165% tax deduction in the year of investment.

    FY2023/24FY2024/25 Tranche 1FY2024/25 Tranche 2
    Launch dateAug-23Aug-24Dec-24
    Total committed equity / client capitalR105MR68MR127M
    Fund type / structureen-Commandite partnershipen-Commandite partnershipen-Commandite partnership
    RegulationSection 12B of Income Tax ActSection 12B of Income Tax ActSection 12B of Income Tax Act
    Number of solar projects451528
    Number of partners526
    Tax deduction achieved169%205%192%
  • key investment highlights

    Up to 165% tax-deductible in the year of investment

    Partnering with established and reputable renewable energy operators who are materially invested alongside Westbrooke investors

    Equating to c.65% – 75% of your cash invested being returned in year one, de-risking investors upfront

    Partnering with SARS to address SA’s electricity crisis

    Targeted investment IRR of 30% p.a. (pre-tax) and 15% p.a. (post all taxes) */**

    Projected average net cash yield of 12% – 14% p.a. (pre-tax) and 5% – 7% p.a. (post all taxes) **

    Investment alongside Westbrooke – SA’s largest tax-enhanced private market investment manager

    Minimum investment of R1 million in cash (equating to a tax deduction of up to R1.6 million)

    * Assumes the investor is an individual/trust that pays tax at the maximum marginal tax rate of 45%

    ** The base case modelling and financial projections are for illustrative purposes only and are not a guarantee of future performance. Variability in the base case returns are influenced by various factors including but not limited to, Gearing level, portfolio composition, operational performance and no unforeseen events. Investors should be aware that the actual performance of Westbrooke Real 2026 may vary from the projections presented. This document also includes a downside case model as an annexure to illustrate potential variability in financial projections under certain assumptions and conditions. Both the base case and downside case financial projections are provided for illustrative purposes only and do not represent guaranteed outcomes. Actual returns may vary significantly and may be lower than those presented in the downside case model. Investors should not rely solely on the financial projections when making investment decisions and must carefully review the risk factors outlined in this document.

  • what is Section 12B

    Section 12B is a provision of the South African Income Tax Act which offers favourable tax incentives to businesses that invest in renewable energy.

    The section provides for an accelerated write-off of qualifying assets used in the production of renewable energy. The assets must be used by a taxpayer for the purpose of trade. The deduction is spread over three years: 50% of the cost in the first year, 30% in the second, and 20% in the third. An exception is made for photovoltaic (PV) solar energy not exceeding 1MW, which is fully deductible in the first year of expenditure.

    Through Westbrooke’s proprietary structure, this incentive has been made available to individual taxpayers.

  • why invest in S12B with Westbrooke

    SA’s largest tax enhanced private market manager
    • Since 2016, Westbrooke has successfully raised and invested over R4 billion in tax enhanced investments (Section 12J and Section 12B).
    • Over R2.8 billion of this has been returned to clients, achieving average annualised post-tax internal rates of return (IRRs) of 12% – 14% p.a.
    • More than 100 underlying investments made in the Tax Enhanced Investing asset class since inception
    • Founder and Chair of the previous Section 12J Industry Association – leading the industry engagement process with SARS
    Deeply experienced investment team and partner set
    • Supported by a dedicated and highly qualified internal Westbrooke investment team and an independent, non-executive investment committee which includes relevant industry experts
    • Westbrooke Real has built exclusive relationships with 7 best-of-breed operating partners, who invest their own capital materially alongside Westbrooke Real investors
    • These partners represent experienced and reputable industry experts whose businesses were in operation before the introduction of the Section 12B incentive
    • Partners are spread geographically across South Africa and each focus on a different industry subset (residential, agriculture, commercial, etc.), providing Westbrooke Real investors with diversification and access to the highest quality pipeline
    Conservative approach to tax-enhanced investing
    • Investments supported by numerous tax opinions provided from market leading law firms, and further supported by Senior Counsel opinions in areas of particular risk
    • Our capital preservation focus leads us to always follow the most prudent and low risk approach when investing client capital, especially in areas which carry tax risk
    • Westbrooke’s proprietary investment structuring provides an investment structure which is fully compliant with applicable legislation relating to the marketing of financial products in South Africa
    Proven track record investing in renewable energy projects
    • The Westbrooke Real portfolio now consists of 78 projects with R590m deployed alongside 7 operating partners and a total of 30MW taken off the grid
  • investment team

    The Westbrooke Real portfolio is managed by Saul Maserow and Nox Mlalazi. Saul has a background in corporate finance, asset-based lending, and private equity funding during his tenure at Investec. Nox gained expertise in project finance and private equity while working with family offices and completing his articles at PwC.

    Together, Saul and Nox leverage their experience and collaborative approach to work alongside strategic partners, delivering investment opportunities that create meaningful value for investors. Their ability to provide tailored, tax-enhanced solutions position Westbrooke Real as a trusted leader in South African renewable energy investing.

    Saul Maserow

    Nox Mlalazi

  • how the project level gearing works

    Westbrooke Real may use gearing in the portfolio at a future date to further de-risk your investment and return a portion of capital which will result in an enhanced 12B deduction on your cash invested. This is achieved through the investor providing a limited recourse guarantee for their pro rata share of the debt, which allows the Section 12B deduction to be claimed on the full investment amount including gearing.

    AmountNotes
    Cash invested (A)R1mDrawn by Westbrooke Real 2026 through a single capital call (i.e. not multiple draw downs) and thereafter deployed into the presecured projects over the 2026 tax year.
    Gearing at a project levelR0.6mWill vary depending on the specific underlying project considerations.
    (Illustrative example of 40%, which is the target base case model.)
    Section 12B deduction100%In terms of Section 12B, new and existing projects of under 1MW acquired qualify for a 100% tax deduction.
    Upfront Tax deductionR1.6mAssuming Cash Invested is deployed
    Tax Deduction Percentage160%Calculated as B / A
    Individual tax rate45%Assuming a natural person paying tax at the maximum marginal tax rate
    Tax break (C)R0.72m
    Percentage initial investment covered by SARS refund72%Calculated as C / A
  • Successfully invested (total project value)

    R m

    Solar PV projects

    Taken off the grid

    MW

    Specialist solar partner

  • meet our operating partners

  • portfolio overview

    Western Cape


    Solar PV

    105 kWp

    Western Cape


    Solar PV

    462 kWp

    Western Cape


    Solar PV

    308 kWp

    Gauteng


    Solar PV

    110 kWp

    Western Cape


    Solar PV

    1 232 kWp

    Western Cape


    Solar PV

    414 kWp

    Gauteng


    Solar PV

    65 kWp

    Gauteng


    Solar PV

    55 kWp

    Gauteng


    Solar PV

    485 kWp


    Battery

    800 kWh

    Eastern Cape


    Solar PV

    262 kWp

    Western Cape


    Solar PV

    470 kWp


    Battery

    700 kWh

    Gauteng


    Solar PV

    1 020 kWp

    Western Cape


    Solar PV

    139 kWp

    Gauteng


    Solar PV

    157 kWp


    Battery

    240 kWh

    Western Cape


    Solar PV

    254 kWp

    Limpopo


    Solar PV

    148 kWp

    Limpopo


    Solar PV

    129 kWp

    Limpopo


    Solar PV

    887 kWp

    Limpopo


    Solar PV

    645 kWp

    Limpopo


    Solar PV

    2500kWp

    Limpopo


    Solar PV

    375 kWp

    Gauteng


    Solar PV

    197 kWp


    Battery

    390 kWh

    Gauteng


    Solar PV

    64 kWp


    Battery

    246 kWh

    Gauteng


    Solar PV

    181 kWp


    Battery

    390 kWh

    Gauteng


    Solar PV

    175 kWp


    Battery

    240 kWh

    Mpumalanga


    Solar PV

    100 kWp

    Western Cape


    Solar PV

    1300 kWP


    Battery

    2880 kWh

    Gauteng


    Solar PV

    2230 kWp


    Battery

    5100 kWh

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