Published: January 7, 2015
ZAR1.2bn Sonnedix-led project receives funding from Nedbank and Standard Bank.
A large solar power plant in South Africa has secured funding from two local banks.
The 86MW plant will be developed in the country’s Northern Cape by a consortium led by power producer Sonnedix, which won a government tender to run the project. Juwi Renewable Energies is handling the engineering procurement and construction arrangements while Mulilo, a South African renewable energy developer, is a minority partner.
The total investment cost is ZAR1.2bn (US$102mn), with debt funding from Nedbank and Standard Bank – there was no spokesperson available at Sonnedix to confirm the size of the debt facility.
The plant is being built with a power-purchase agreement in place with national utility Eskom. Construction begins in the coming months.