SYS-CON MEDIA Authors: Elizabeth White, Liz McMillan, Pat Romanski, Esmeralda Swartz, Kevin Jackson

News Feed Item

Consortium of SolarReserve, Kensani and Intikon Completes $586 Million Financing for Two South African Solar Projects

-- Joint venture's two 75-megawatt solar photovoltaic projects will spur economic development, create jobs and contribute to South Africa's renewable energy goals

JOHANNESBURG, Nov. 14, 2012 /PRNewswire/ -- The consortium consisting of SolarReserve a U.S. developer of utility-scale solar power projects; the Kensani  Group, an experienced empowerment investment and financial advisory player in South Africa; and Intikon Energy, a South African developer of renewable energy projects, has successfully closed financing for two 75-megawatt (MWDC) solar photovoltaic (PV) projects. The Letsatsi Project and the Lesedi Project are located in the Free State and the Northern Cape, respectively. The projects were selected by the South Africa Department of Energy (DOE) in the first round of bids under the South Africa Renewable Energy Independent Power Producer Procurement Program (REIPPPP).  Rand Merchant Bank (a division of FirstRand Bank Limited) acted as Mandated Lead Arranger and Bookrunner for the projects' debt funding requirements.  Equity for the projects was provided by the IDEAS Managed Fund (managed by Old Mutual Investment Group South Africa), Kensani Capital Investments, GCL-Poly Energy Holdings, SolarReserve and Intikon, with Rand Merchant Bank providing preference share equity.  Kensani Eaglestone Capital Advisory acted as financial advisor to the projects. International law firm Baker & McKenzie supported the project activities through its offices in Johannesburg and the United States.

(Logo: http://photos.prnewswire.com/prnh/20110519/LA05757LOGO-b)

Jointly yielding approximately 600 construction jobs and 100 permanent operational jobs, the two projects will provide rural development programs and education enhancement, as well as skills and technology transfer.  The two projects combined are expected to generate an additional 2,640 indirect and induced jobs across the supply chain during the construction phase and 140 new indirect and induced jobs during operations. The two projects will set aside a percentage of total project revenues for enterprise and socio-economic development, amounting to a total of approximately ZAR 510 million (USD 59 million) over the life of the projects, which will be invested for the benefit of the local communities surrounding the projects.

"The successful financial closure of the first round of REIPPPP projects is precedent setting on a global scale and has once again demonstrated the South African Government's commitment to the enhancement of national infrastructure which will be a catalyst of economic development and job creation. Kensani and our partners congratulate the Department of Energy on an efficient and successful process and look forward to a positive partnership with Government," said Wandile Motlana, Chairperson of the Kensani Group.  "Kensani applauds the South African government's large scale commitment to clean energy, and celebrates the exciting opportunities for empowering our rural communities," added Kelley Starke-Dow, CEO of Kensani.

The Letsatsi and Lesedi projects have each executed 20-year power purchase agreements with Eskom, the South African power utility, which ranks as one of the top twenty utilities in the world by power generation. The projects will jointly cost approximately ZAR 5.15 billion or USD 586 million, making these two of the largest project finance transactions ever completed in South Africa and among the largest renewable energy projects in Africa.

Daniel Zinman of Rand Merchant Bank said, "We are proud to be a part of these landmark projects which will not only produce clean, renewable energy, but will also bring hundreds of quality jobs to the region, thereby bolstering the South African economy."

"SolarReserve and its partners are pleased to be major suppliers of clean energy to South Africa, and we look forward to commencing construction of both projects, which will create jobs and provide further economic benefits for the region," said Kevin Smith, CEO of SolarReserve.  "Financial close of these two South African projects marks a significant achievement for SolarReserve's international development and expansion. We have further advanced photovoltaic and solar thermal projects in development in the country under this progressive program initiated by the South African government, and look forward to continuing our work here."

Construction of the facility will be undertaken by a consortium led by one of the largest international contractors, ACS Cobra, along with Madrid-based Gransolar and South Africa's Kensani Energy EPC. Upon completion, scheduled for mid 2014, the projects together will power more than 50,000 homes with clean, renewable energy from the sun. 

About SolarReserve

SolarReserve, LLC – headquartered in Santa Monica, California – is a developer of large-scale solar energy projects with activities worldwide.  SolarReserve has commercialized the world's leading solar thermal energy storage technology utilizing molten salt in a power tower configuration. SolarReserve's team of power project professionals have assembled an extensive 4,000 MW development portfolio of large-scale solar projects featuring its advanced solar thermal technology (also referred to as concentrated solar power or CSP) as well as projects utilizing photovoltaic technology. SolarReserve's lead CSP project, the 110 MW Crescent Dunes Solar Energy Project located in Nevada, started construction in September of 2011 and is the world's largest molten salt power tower project and includes 10 hours of full-load integrated energy storage.

For more information: www.SolarReserve.com

U.S. Media Contact: Andi Plocek, SolarReserve, [email protected]

About the Kensani Group

Kensani Capital was established in 1997 to support women in business and create financially independent entrepreneurs from the prospects emanating from economic empowerment. Since then, Kensani has grown to become a leading and experienced empowerment player in the Southern African infrastructure market. Kensani delivers a holistic solution to clients and partners, throughout the infrastructure value chain, including project and corporate finance advisory, empowerment equity investment, construction and operations and maintenance. 

Media Contact: Coenraad Krige: [email protected]

About Intikon Energy

Intikon Energy is an international developer and owner of renewable energy projects in both the wind and solar sector.  The proponents involved with Intikon Energy have developed in conjunction with international partners more than 250 MW of wind projects and 500 MW of solar projects globally.  Intikon has a strong presence in both South African and Australian Markets. 

Media Contact: Stephen Donnelly: [email protected]

About Rand Merchant Bank

Rand Merchant Bank (RMB) is a leading African investment bank. RMB offers innovative, value-added advisory, funding, trading, private wealth management and principal investing solutions. As the investment banking arm of FirstRand Bank Limited, RMB has a geographical footprint across 35 African countries, the UK, India, China, and the Middle East. FirstRand Bank Limited is the second largest listed banking group (by market capitalization) on the Johannesburg Stock Exchange (JSE).

Media Contact: Joandra Griesel: [email protected]

About Old Mutual Investment Group:

Old Mutual Investment Group (SA) (OMIGSA) is a multi-boutique asset management and investment business that offers clients access to a full array of investment offerings, styles and asset classes. It is one of the largest asset managers in Africa with nearly R490 billion in assets under management. The IDEAS Managed Fund focuses on infrastructure investments that make a significant contribution to economic growth and/or upliftment in the areas of core infrastructure, environmental infrastructure and social infrastructure. It is one of the leading providers of equity finance to the SA government's renewable energy programme.

Media Contact: Lynn Bolin: [email protected]; Tel: (021) 509 5667, (083) 443 0105

About GCL-Poly Energy Holdings:

GCL-Poly is one of the leading polysilicon and wafer suppliers in the world, delivering high quality and low cost silicon products to the solar industry. GCL-Poly is also a top green energy supplier in China, providing power and heat in an efficient and environmentally friendly way via cogeneration, biomass, incineration, wind and solar.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
Datapipe has acquired GoGrid, a provider of multi-cloud solutions for Big Data deployments. GoGrid’s proprietary orchestration and automation technologies provide 1-Button deployment for Big Data solutions that speed creation and results of new cloud projects. “GoGrid has made it easy for companies to stand up Big Data solutions quickly,” said Robb Allen, CEO, Datapipe. “Datapipe customers will achieve significant value from the speed at which we can now create new Big Data projects in the clou...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. ...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Media announced today that PagerDuty has launched a popular blog feed on DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done.
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...