A consortium of commercial banks and DFIs with Standard Bank in the lead are providing non-recourse project finance of ZAR 3.68 billion, accounting for 77% of the total project cost.
Construction start is expected in the third quarter 2018 with grid connection towards the end of 2019. The plants are, on an annual basis, expected to produce 650 GWh of electricity and avoid about 550,000 tons of CO2 emissions. Revenues in the first year of operations are expected to reach ZAR 720 million. All contract terms are based on the original award in April 2015.
Scatec Solar will be the EPC provider for the projects and provide Operation & Maintenance as well as Asset Management services to the power plants.