Scatec Solar South African Solar PV Portfolio

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The project comprises the development and operation of a 258 MW portfolio of solar PV plants in Upington, South Africa. Sirius Solar PV Project One, Dyason’s Klip 1 and Dyason’s Klip 2 are the project companies undertaking the projects on behalf of the sponsors - Scatec Solar (42%), Norfund Investments (18%), South African black investors – 35% and local community of Upington – 5%. Project plants were procured under South Africa’s REIPPPP. This is a greenfield project initiated on a BOO basis with a 20-year power purchase agreement with ESKOM. Total project cost stands at $398.1 million and is being funded by debt and equity in 77:23 ratio. The sponsors will contribute a total of $90.3 million as equity, while a consortium of commercial banks and DFIs will provide $307.8 million with South African lender Standard Bank leading the deal. Financing closed on April 12, 2018. https://ijglobal.com/data/transaction/33800/scatec-solar-south-african-solar-pv-portfolio-258mw