Name and Location
Letsatsi and Lesedi solar photovoltaic (PV) projects, Free State and Northern Cape, South Africa.

Client
A consortium comprising SolarReserve, the Kensani Group and Intikon Energy.

Project Description
The Letsatsi (75 MW) and Lesedi (75 MW) projects, located in the Free State and Northern cape respectively, boast 150 MW of installed capacity and are capable of powering more than 130 000 South African homes with clean energy.

Both projects have executed 20-year power purchase agreements with Eskom.

The projects were selected by the Department of Energy in the first round of bids under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in December 2011.

Value
The projects will jointly cost R5.15-billion.

Duration
The projects were completed in mid-2014.

Latest Developments
SolarReserve has announced the completion of the Lesedi and Letsatsi projects, saying that the plants are fully operational and successfully supplying the South African electric grid with renewable energy.

The projects are among the largest project finance transactions ever completed in South Africa.

Financing was provided by a consortium including SolarReserve, the Infrastructural, Developmental and Environmental Assets Managed Fund, investment firm the Kensani Group, green energy supplier GCL-Poly Energy Holdings and energy group Intikon Energy.

Rand Merchant Bank, the investment-banking arm of First Rand Bank, acted as mandated lead arranger and bookrunner for the projects’ debt funding requirements.

As mandated under the REIPPPP, the projects set aside a percentage of total project revenues for enterprise and socioeconomic development, which will be invested for the benefit of the local communities.

Key Contracts and Suppliers
Infrastructural, Developmental and Environmental Assets Managed Fund, Kensani Group, GCL-Poly Energy Holdings and Intikon Energy (finance), Rand Merchant Bank (mandated lead arranger), ACS Cobra, Gransolar and Kensani Energy EPC (construction) and Robor (steel).

On Budget and on Time?
Not stated.

Contact Details for Project Information
SolarReserve, tel +27 11 783 9163; or public relations, Andi Plocek, tel +1 310 315 2233 or email andi.plocek@solarreserve.com.
Kensani Group, Coenraad Krige, tel +27 21 674 0304, fax +27 21 683 0577 or
email Coenraad@kensanicapital.co.za.
Intikon Energy, Stephen Donnelly, or email Stephen.donnelly@intikon.com.
ACS Cobra, tel +34 91 456 95 00, +34 91 456 94 50 or email central@grupocobra.com.
Gransolar, tel +34 91 736 42 48, +34 91 734 14 61 or email madrid@gransolar.com.
Robor, tel +27 11 971 1600, fax +27 11 392 4435, email headoffice@robor.co.za or info@robor.co.za.
Infrastructural, Developmental and Environmental Assets Managed Fund, tel +27 21 509 9111.
Kensani Group, tel +27 21 200 1486,  fax +27 21 683 0577 or email info@kensani.co.za.
Rand Merchant Bank, tel +27 11 282 8000, fax +27 11 282 8008 or email info@rmb.co.za.