Scatec Kalkbuilt Solar Plant

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Kalkbult Project Company (pty) Ltd was created to build, own and operate a 72.5 MW solar PV facility to be located in Kulbult, South Africa. The project company was a joint venture between the Norwegian firm Scatec Solar(60%) through its local subsidiary Scatec Solar SA, Standard Chartered South Africa (10%), Old Mutual Investment Group of South Africa (10%), and Simacel Kalkbult Holding (pty) LTD (20%). Norwegian firm Scatec Solar was 62.5% owned by Scatec (Norway), and 37.5% by Itochu (Japan). Simacel Kalkbult Holding (pty) LTD existed of the Kalkbult Local Community Trust and the Black Women Community Trust. The sponsor shares were assigned as follows: Scatec Solar holds 60% - Scatec holds 62.5% thereof (thus 37.5% of SPV); Itochu holds 37.5% thereof (thus 22.5% of SPV). The remaining sponsors all own less than 15%. The project was awarded in a tender administered by the Department of Energy where a critical factor in the decision was the projected price of power. Contractual negotiations on the PPA and financing were to be completed by June 2012. The tender was open to all technologies, 53 bids were submitted of which 28 made it to preferred bidder status. These 28 project account for a total of 1,416MW if all are implemented. The EIA was passed (as was required for all bidders). There would be a 20 year PPA with the state owned utility, Eskom. The project developer was envisioning a second phase (+180MW) and a third phase (+175MW). Estimated project cost was EUR 200 million (USD 265 million), with expected commissioning in 2013. In November 2012 the project reached financial close. Total project cost was 259 million, of which 197 million was debt financed in local currency by Standard Bank. http://www.scatec-solar.com/x_x-news-press-releases-x_page_5_1.php?cmsshowfull=1_0_1001&dummy=0 http://www.nersa.org.za/Admin/Document/Editor/file/Consultations/Electricity/Presentations/Kalkbult%20(Scatec%20Solar%20SA%20166)%20(Pty)%20Ltd.pdf