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In a R5 billion transaction.
By Paul Burkhardt, Bloomberg
16 Dec 2020 10:30
Image: Shutterstock
A South African solar power plant spearheaded by Saudi Arabiaâs ACWA Power International refinanced debt at better terms than when the project started more than seven years ago, allowing for cheaper electricity to be fed into the grid.
The R5 billion transaction is South Africaâs biggest infrastructure-refinancing transaction yet, Investec Group, the specialist banking firm that was lead arranger on the deal, said in a statement on its website on Tuesday.
The ACWA Power Solafrica Bokpoort Concentrated Solar Power plant in South Africaâs Northern Cape province generates 50 megawatts. It was commissioned in the earliest rounds of the African nationâs bid programme to source renewable energy, and is the first of those to be refinanced.
ACWA Power achieves first refinancing transaction in South Africa renewables sector December 15, 2020
Bokpoort CSP
JOHANNESBURG The ACWA Power Solafrica Bokpoort Concentrated Solar Power (CSP) plant, one of the major drivers of renewable energy in South Africa, has achieved another significant first, having announced the largest infrastructure refinancing initiative to be implemented in the country.
Project financiers, led by Investec Bank, have concluded the first refinancing transaction for Bokpoort CSP, in South Africa s pioneering Renewable Energy Independent Power Producer Procurement (REIPPP) program, marking a new era for growth and opportunity.
The ACWA Power-developed, majority-owned and managed plant achieved commercial operations date (COD) in March 2016, and has since been setting new production records, including the African continental benchmark for 13 days (312 hours) of continuous operations on Oct. 23, 2020 and r