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Sola Group Reaches Financial Close For Two Solar PV Projects In South Africa
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News: Sola Group has reached financial close for the development of two solar photovoltaic (PV) facilities of 100MW each, in South Africa. Sola with African Rainbow Energy raised ZAR4.0bn (USD228.5mn) for the project's construction and development. The debt financing led by PepperTree Capital includes ZAR3.1bn (USD177.2mn) from Development Bank of Southern Africa. Absa, Nedbank and Standard Bank have also backed the project. The facility has a power purchase agreement with Tronox Mineral Sands. Pinsent Masons, Hogan Lovells, Faskens, Allen & Overy and ENS served as legal advisors for the project with WBHO providing design and construction (PV Magazine).
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