Fin close reached on 200 MW of S African solar projects for local mining ops
- All needed funds have been protected for the building and construction of 200 MW of solar plants that will provide electricity to titanium items maker Tronox Mineral Sands in South Africa.
The economic close on the two projects was accomplished less than six months after the power purchase contract (PPA) was authorized. With all funds in position, construction works are due to be released, South African solar power manufacturer Sola Group stated on Monday.
The ZAR 4 billion (USD 230.5 m/EUR 230.5 m) of financing needed for the development as well as construction of the solar schemes was acquired by Sola and renewable resource services supplier African Rainbow Energy. South Africa's Absa, the Development Bank of Southern Africa (DBSA), Nedbank as well as Standard Bank took part in the debt financing round.
Tronox Minerals, part of US-based Tronox Holdings (NYSE: TROX), will certainly receive power under wheeling arrangements under which state-owned energy Eskom will spend for the maintenance and also maintenance of facilities to transfer the electrical energy. Around 540 GWh of power will certainly be obtained for five of Tronox's mines and smelters in South Africa's Western Cape province.
The solar parks will certainly be equipped with 387,000 PV panels mounted on single-axis trackers.