Soitec formally exits holding co for S African CPV plant

CPV farm. Source: soitec.com. All rights reserved.

April 23 (Renewables Now) - French semiconductor materials maker Soitec (EPA:SOI) has concluded the divestiture of its 20% interest in the Touwsrivier concentrated photovoltaic (CPV) power plant in South Africa’s Western Cape province.

Specifically, Soitec has sold its minority stake in CPV Power Plant No 1 to Pele Green Energy, which was already an investor in the asset. A year ago, the vendor noted that the particular equity stake was recorded in its balance sheet for a value of EUR 5.2 million (USD 5.6m).

The deal also involved redeeming a EUR-11.3-million loan granted by Soitec to Pele Green Energy. On Wednesday, the seller said that all outstanding amounts are settled.

A couple of years back, Public Investment Corporation SOC Ltd (PIC) took control of the Touwsrivier facility.

(EUR 1.0 = USD 1.080)

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