Global manufacturer Soitec has finalised a US$100 million bond to finance a utility-scale concentrating PV (CPV) plant in Touwsrivier, South Africa.
Issued by Soitec affiliate CPV Power Plant No.1 Bond SPV (RF), the bond for the 44MW project is said to be the first publicly listed bond issued for a CPV plant.
A consortium of Deloitte & Touche, Standard Bank of South Africa, Trident Capital and Webber Wentzel Attorneys advised on the transaction, with Standard Bank acting as lead manager.
Bo MacEwan, Deloitte & Touche’s associate director corporate finance, said: “Soitec is the world’s leading developer and technology provider for utility-scale CPV projects, and the successful placement of these bonds is a significant endorsement of Soitec’s solar technology.”
Kimon Boyiatjis, chief investment officer at Trident Capital said: “The bonds were placed with a diverse pool of South African institutional investors, pension funds and asset managers, all of whom welcomed the opportunity to participate in this inaugural offering.”
Gaëtan Borgers Soitec Solar Division’s executive vice president said: “Together with the selected equity investors for this project, we are well positioned to rapidly deploy the 44-MWp Touwsrivier project.
“Group Five, our EPC partner, has already started construction and the first of more than 1500 high efficiency Soitec CPV systems will soon be erected on the project site. Scheduled for completion by June 2014, Touwsrivier will be the largest CPV plant in the western world.”
