Published: November 4, 2013
European lender makes €210mn loan to help construction of KaXu Solar One project.
The European Investment Bank is providing a €210mn (US$284mn) loan to back the construction of the KaXu Solar One concentrated solar power plant in South Africa, one of several such projects underway as part of the country’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The money will be channelled through Rand Merchant Bank.
The initial funding package for this project, worth ZAR8bn (US$880mn), raised more money in private funding than any South African project financing before it and was recognised by EMEA Finance as the best project finance deal in Africa in our Project Finance Awards 2012. That package was structured by Rand Merchant Bank as lead mandated lead arranger.