Earlier in the day, it was announced that Norway-based Scatec Solar will develop a 75 MW system in South Africa, having been selected as a preferred bidder under the first round of the Governments renewable energy program.
Now, the consortium has joined the preffered bidder group, meaning they have earned the right to execute the 20-year government-supported power purchase agreements with utility company, Eskom.
The two photovoltaic projects – Letsatsi and Lesedi are worth 75 MW each and will be installed in the Free State and Northern Cape provinces of South Africa. Work on the systems is scheduled to commence next June and around 600 construction jobs are expected to be created.
Kensani Capital Advisory will act as financial advisor, along with with Rand Merchant Bank, a division of FirstRand Bank Limited, appointed as the lead arranger and underwriter to the projects. "The projects will require an investment of approximately ZAR5 billion, or more than US$600 million, over the next two years," commented Wandile Motlana, chairman of the Kensani Group.