Page 11 - AfrElec Week 37 2022

AfrElec RENEWABLES AfrElec

SOLA, African Rainbow Energy

close 200-MW solar deal

SOUTH AFRICA RENEWABLE energy investment company the SOLA Group and the funder of the two pro-
African Rainbow Energy and independent jects,” African Rainbow Energy chief executive
power producer (IPP) SOLA Group have Brian Dames said commenting on the deal.
reached financial close on 200 MW of solar “This is a clear demonstration of African
photovoltaic (PV) projects, worth ZAR4bn Rainbow Energy’s and partners, Absa, DBSA
($233.6mn). [Development Bank of Southern Africa], Ned-
Construction for two 100-MW PV plants for bank and Standard Bank’s commitment to our
US-based titanium mining company Tronox country, the economy and our customers. This
Mineral Sands will now begin, News24 reported investment brings hope.”
on September 13. Tronox operates several mines The debt arrangement was led by an inde-
and smelters in South Africa’s Western Cape and pendent private equity firm PepperTree Capi-
KwaZulu-Natal provinces. tal, with DBSA providing ZAR3.1bn of debt in
The project comprises 387,000 solar panels the project, according to photovoltaics industry
that track the sun’s position as it moves across publication pv magazine.
the sky. The new facilities will supply electricity According to Melissa Zona, Tronox Holdings
through wheeling arrangements with Eskom to senior vice-president, chief human resources
five Tronox sites for their own use. SOLA will and sustainability officer, the projects will help
provide engineering services on the project reduce its global carbon emissions by approxi-
while global construction company WBHO will mately 13%, compared to 2019 levels.
build it. “These are the first projects of this scale in SA
According to News24, SOLA reached an that are based on pure private bilateral trade. It’s
agreement with funding partner African Rain- also a great plus for the country that these pro-
bow Energy less than six months after the power jects are 100% South African owned, financed,
purchase agreements (PPAs) were signed with constructed, operated and managed,” SOLA
Tronox in mid-March. African Rainbow Energy Group chief executive Dom Wills said, as quoted
holds a 40% stake in SOLA. by News24.™
“African Rainbow Energy is a leading renew-
able energy platform, the largest shareholder in

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