Building Energy Signs Agreement with DoE for South Africa 81MW PV Plants

Publié le 8 nov. 2012
Building Energy 

Building Energy, a preferred bidder in Round 1 of REIPPP, today signed their power purchase, implementation and financial agreements with the Department of Energy, (DoE) for South Africa's largest Solar Photovoltaic plant.

In November 2011, Building Energy was selected as one of the 28 preferred bidders for the first round of the Renewable Energy Independent Power Producers Programme (REIPPP) to construct an 81MWp Tracking Solar PV Plant in Kathu, Northern Cape. The plant will be the largest of its kind in the world.

Matteo Brambilla, Building Energy Africa CEO, says "South Africa has created a modern and efficient framework for renewable energy, kickstarting one of the most vibrant markets in the world. As a leading global renewable energy company we are proud of our accomplishments in the country and recognize the dedicated team and various independent parties that helped to deliver this successful outcome."

"The Kathu solar park is the largest solar project with tracking system technology worldwide" said Matteo Brambilla. "Today, South Africa is experiencing a strong demand for renewables, as they can be installed quickly as well as being cost-competitive and a reliable source of power. Building Energy's ability to finance the construction of the park through non recourse project finance underscores the strong appeal of predictable cash flows from Solar technology and utility-scale project execution expertise."

In mid 2011, Building Energy acquired the rights to the project from a local developer and acted as the sole sponsor up to the financial close. Building Energy, together with Mandated Lead Arranger and Bookrunner, Rand Merchant Bank (a division of FirstRand Bank Limited), were responsible for structuring the project finance and attracting both local and international equity investors for the project to a value of over R3 Billion. Building Energy, in joint venture with WBHO (Pty) Ltd, will be responsible for the construction of the plant. Building Energy will operate the plant, in joint venture with the Guma group, for a period of 20 years."The Kathu Solar PV Plant will generate clean, renewable energy to power thousands of homes in South Africa while also delivering sustainable economic and social benefits through the Kathu Solar Community Trust" says Brambilla.

Construction of the Kathu Solar PV Plant will commence immediately and is scheduled to be completed in May 2014.

Building Energy is developing a high quality pipeline of over 500MW in Sub-Saharan Africa. Utility scale ground mounted and rooftop plants as well as solutions for large industrial users and mines are included within the pipeline.


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