Consortium of SolarReserve, Kensani and Intikon Completes $586 Million Financing for Two South African Solar Projects

Consortium of SolarReserve, Kensani and Intikon Completes $586 Million Financing for Two South African Solar Projects PR Newswire JOHANNESBURG, Nov. 14, 2012 -- Joint venture's two 75-megawatt solar photovoltaic projects will spur economic development, create jobs and contribute to South Africa's renewable energy goals JOHANNESBURG, Nov. 14, 2012 /PRNewswire/ -- The consortium consisting of SolarReserve a U.S. developer of utility-scale solar power projects; the Kensani Group, an experienced empowerment investment and financial advisory player in South Africa; and Intikon Energy, a South African developer of renewable energy projects, has successfully closed financing for two 75-megawatt (MWDC) solar photovoltaic (PV) projects. The Letsatsi Project and the Lesedi Project are located in the Free State and the Northern Cape, respectively. The projects were selected by the South Africa Department of Energy (DOE) in the first round of bids under the South Africa Renewable Energy Independent Power Producer Procurement Program (REIPPPP). Rand Merchant Bank (a division of FirstRand Bank Limited) acted as Mandated Lead Arranger and Bookrunner for the projects' debt funding requirements. Equity for the projects was provided by the IDEAS Managed Fund (managed by Old Mutual Investment Group South Africa), Kensani Capital Investments, GCL-Poly Energy Holdings, SolarReserve and Intikon, with Rand Merchant Bank providing preference share equity.