Soitec, a manufacturer of concentrated PV (CPV) technology, has secured financing from Investec Bank Ltd. to build a planned 50 MW solar power plant in Touwsrivier, Western Cape, South Africa.
Investec has committed to finance the project and raise the equity to construct the plant, which will be equipped with Soitec's fifth-generation Concentrix CPV systems. All financial arrangements are expected to be finalized by the end of the second quarter of 2012.
In December 2011, Soitec was selected by South Africa's Department of Energy as one of the preferred bidders under the country's independent power producer program. Soitec's initial project in this program is the solar plant in Touwsrivier, near the Aquila Private Game Reserve where Soitec has already installed a pilot facility.