SunEdison Inc. has secured $185 million in foreign debt funding from the Overseas Private Investment Corp. (OPIC) for the Boshof Solar Park project located in South Africa's Free State province. SunEdison says the funding represents 75% of the expected project cost.
SunEdison will maintain a 51% ownership stake in the project, with South African companies holding the remaining 49%. Electricity generated by Boshof will feed into the South African grid under a 20-year power purchase and implementation agreement signed with national power utility Eskom. The plant is scheduled to begin generating electricity in the fourth quarter of 2014.
‘We are increasing our investment with SunEdison because we view the Boshof project as a secure investment for our members and pensioners,’ says Joelene Moodley, acting principal officer of the Government Employees Pension Fund (GEPF), which has invested $30.8 million in the project. ‘We believe this a safe place for us to invest, and the project is aligned with GEPF's mandate to back infrastructure projects that promote economic growth and job creation.’