Solar Capital De Aar Solar Plant

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Solar Capital De Aar (Pty) Ltd was created to build, own and operate a 75 MW solar PV facility to be located in De Aar, Northern Cape, south africa. The project company was a 90% owned subsidiary of Solar Capital, a south africa based solar development firm and 10% by a community trust fund, representing small local sponsors. Solar Capital was a subsidiary of Phelan Holdings, but also has other (PE) investors. 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. Under bid rules, at least 35% had to be locally sourced. 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. Solar Capital was expecting that the solar plant may be expanded to 300MW in additional phases. Estimated total project cost was ZAR 2.1 billion (USD 275 million, with comissioning expected for 2014. In November 2012 the project closed a local currency financing with Standard Bank for USD 194 million, with a tenor of 16 years and pricing between 300-300 bp over JIBAR. total project cost was for 259 million, with Solar Capital providing an equity injection of 65 million. http://www.engineeringnews.co.za/article/solar-capital-says-75-mw-de-aar-project-is-first-phase-2011-12-12 http://solarcapital.co.za/portfolio.php http://www.moneyweb.co.za/mw/view/mw/en/page295023?oid=557752&sn=2009+Detail