Business & Industry Solar

60 MW Free State solar project secures R1.8bn from US development agency

Solar energy group SunEdison announced on Wednesday that it had secured R1.8-billion in development finance from the US government’s Overseas Private Investment Corporation (OPIC) for its 60 MW Boshoff solar park project, being developed in South Africa’s Free State province.

The foreign-debt funding, which was facilitated by Absa, amounts to 75% of the R2.4-billion project cost, with the balance of the funding derived from the equity participants.

New York Stock Exchange-listed SunEdison has a 51% stake, with the other owners being the Public Investment Corporation (19%), Nehawu Investment Holdings (20%) and a community trust administered by Kurisani, the investment arm of loveLife (10%). Read on Engineering News >

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