The solar power project will have a total generation capacity of 86 MW and includes financing facilities agreements with Nedbank and Standard Bank, engineering procurement and construction (EPC) arrangements with Juwi Renewable Energies (Pty) Ltd, and a power purchase agreement with Eskom, the South African electricity public utility. Construction of the project is scheduled to begin in the first quarter of 2015.
Sonnedix undertook the project with South African renewable energy developer Mulilo as a minority partner. The consortium was selected in October 2013 by the South African Department of Energy under the third bidding window of the national Renewable Energy Procurement Programme.
“This first closing in South Africa is a considerable milestone for our company” said Franck Constant, President of Sonnedix. “It confirms the growth strategy and added value of Sonnedix in new markets where clean renewable electricity is in high demand and cost effective compared to conventional power. Through this achievement, we are also pleased to reiterate our enthusiasm and dedication to make things happen as a leading global solar IPP for the Government of South Africa, and increasing our presence in the country’s power supply industry for years to come.”
Sakkie Leimecke, Head of Energy at Nedbank Capital, added that together with Standard Bank, Sonnedix and Mulilo, Nedbank is helping to bring green power to the South African grid in record time.
Sonnedix develops, builds, owns and operates solar power plants globally and specialises in the delivery of high performance, cost-competitive solar PV plants to the global renewable energy market. The company currently owns over 100 MW of operational solar PV power plants in addition to several hundred currently in development.
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