Soitec pushes forward with CPV plant in South Africa

May 31, 2013
Soitec pushes forward with CPV plant in South Africa

After Soitec signed a landmark PPA for the electricity generated at its Touwsrivier concentrated photovoltaic (CPV) plant in South Africa in November, the company announced that it will receive substantial financing to complete the project. Soitec said CPV Power Plant No.1 Bond SPV (RF) Ltd. intends to list over a $109-million, 11% fixed rate senior unsecured registered bonds on the interest rate market of the JSE Ltd.

CPV Power Plant No.1 Bond SPV is a wholly owned subsidiary of CPV Power Plant No.1 (Pty) Ltd, the South African subsidiary of Soitec Solar GmbH which is engaged in the development of the Touwsrivier solar project in South Africa. Following a first development phase to be financed by CPV Power Plant No.1 (Pty) Ltd, the proceeds of the listing of the bonds will be available and used to refinance the overall development of the solar project.

The semiconductor materials manufacturer Soitec announced recently that it had concluded a R1-billion bond issuance and that the proceeds would be used to help finance the construction of a 44 MW CPV for the solar plant.

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