SunEdison closes $314 million funding South Africa solar projects

SunEdison closes $314 million funding for South Africa solar projects

9:32 AM, 29th November 2012
SunEdison closes $314 million funding for South Africa solar projects

JOHANNESBURG, SOUTH AFRICA/BELMONT, US: SunEdison, subsidiary of MEMC Electronic Materials, in partnership with Chint Solar, the Public Investment Corporation and the Kurisani Youth Development Trust, has closed $314 million (R2.6 billion) in long-term debt and equity financing for two utility solar projects in Limpopo Province, South Africa. Construction of both projects is expected to begin in January of 2013.

The two projects total 58 megawatts MW (AC). Witkop Solar Park (30 MW AC) and Soutpan Solar Park (28 MW AC) will be the first utility scale solar projects to be implemented in Limpopo province. Power generated from the two facilities will be purchased by Eskom, the national utility in South Africa, through a 20-year power purchase agreement (PPA). The Soutpan Solar Park is expected to interconnect in January of 2014, while the Witkop Solar Park is forecasted to interconnect in April of 2014.

Once the projects are operational, they will be monitored around the clock by SunEdison’s fleet-wide renewable operations centre (ROC). “We are delighted that our investments in South Africa will create employment and stimulate business investment. The energy delivered by these projects will sustain economic growth bringing both social and fiscal benefits,” said Pashupathy Gopalan, Vice President and Managing Director for South Asia and Sub-Saharan Africa, SunEdison.

The projects would help to demonstrate potential of solar power to create jobs and stabilize the electricity supply. Standard Bank and Futuregrowth Asset Management are the two senior debt providers supporting both projects.

© WOC News

 

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