Name and Location
Touwsrivier concentrator photovoltaic (CPV) solar power project, Western Cape, South Africa.
Client
Concentrix Solar, a subsidiary of the Soitec group.
Project Description
The Touwsrivier CPV solar power project was one of 28 solar and wind projects, collectively amounting to 1 415 MW of capacity, which reached financial closure following South Africa’s first bid window under the Renewable Energy Independent Power Producer Procurement Programme.
The project entails the development of a 44 MWp utility-scale CPV solar power plant in Touwsrivier, South Africa.
The plant will be built adjacent to the existing 60 kW CPV plant, located at the Aquila private game reserve, in Touwsrivier, which began operations on September 1, 2010. It will be the largest CPV plant in the western world.
Value
Soitec has concluded a R1-billion bond issuance to finance the construction of the CPV solar plant in Touwsrivier.
The transaction is a first for South Africa and is also described as the first publically listed project bond ever issued for a CPV facility.
The bonds are placed with South African institutional investors, pension funds and asset managers. Soitec has been advised by a consortium comprising Deloitte & Touche, Standard Bank, Trident Capital and Webber Wentzel Attorneys.
Standard Bank has acted as lead manager, book runner and debt sponsor for the offering.
Duration
Construction is scheduled for completion during 2014, but commercial operation of the first installed systems will begin in mid-2013.
Latest Developments
Soitec engineering, procurement and construction (EPC) partner, Group Five, has already started construction and the first of more than 1500 high-efficiency Soitec CPV systems will soon be erected at the project site.
Key Contracts and Suppliers
Group Five (EPC).
On Budget and on Time?
Not stated.
Contact Details for Project Information
Soitec Solar, tel +27 21 418 1793 or fax +27 21 418 1263.
Group Five, tel +27 11 806 0111, fax +27 11 803 5829 or email info@groupfive.co.za.