SolarReserve has completed two 75 MW solar photovoltaic projects in South Africa. The Lesedi in the Northern Cape and Letsatsi project in the Free State are fully operational and supplying power to the Eskom South African electric grid.
The projects have each executed 20-year power purchase agreements with Eskom.
As mandated under the South African Renewable Energy Independent Power Producer Procurement Program, the projects set aside a percentage of total project revenues for enterprise and socio-economic development, which will be invested for the benefit of the local communities.
The projects were developed and financed by a consortium including SolarReserve, the IDEAS Managed Fund, the Kensani Group, GCL Poly Energy Holdings and Intikon Energy. Rand Merchant Bank acted as mandated lead arranger, and Bookrunner handled the projects' debt funding requirements.