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S Africa's SOLA Group gets debt for 40 MW of solar

Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.

August 13 (Renewables Now) - SOLA Group, a South African solar project developer, has secured financing to install 40 MW of photovoltaic (PV) capacity at home, it said on Monday.

The ZAR 400 million (USD 26.1m/EUR 23.3m) was obtained under a partnership with the African Infrastructure Investment Managers (AIIM) and Nedbank Energy Finance.

Through newly established renewable energy fund Orionis, SOLA Group will support the addition of commercial and industrial PV capacity across different locations in Southern Africa. The fund already has a 15-MW pipeline of solar power purchase agreements (PPAs) with several breweries and other industrial parties. 

The power off-takers will not invest in the construction of the PV systems and will pay for their output directly at tariffs that SOLA Group says are normally 20% lower as compared to those of local utility Eskom or other providers.

(ZAR 10 = USD 0.652/EUR 0.583)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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