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    Sola Group Reaches Financial Close For Two Solar PV Projects In South Africa

    September 15, 2022 - Fitch Solutions Sector Intelligence


      • Infrastructure
      • South Africa
      • Company Brief
      • Fitch Solutions

      Sola Group Reaches Financial Close For Two Solar PV Projects In South Africa

      • 15 Sep 2022
      THIS COMMENTARY IS PUBLISHED BY FITCH SOLUTIONS COUNTRY RISK & INDUSTRY RESEARCH and is NOT a comment on Fitch Ratings' Credit Ratings. Any comments or data are solely derived from Fitch Solutions Country Risk & Industry Research and independent sources. Fitch Ratings analysts do not share data or information with Fitch Solutions Country Risk & Industry Research.

      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).

      This report from Fitch Solutions Country Risk & Industry Research is a product of Fitch Solutions Group Ltd, UK Company registration number 08789939 ('FSG'). FSG is an affiliate of Fitch Ratings Inc. ('Fitch Ratings'). FSG is solely responsible for the content of this report, without any input from Fitch Ratings.


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