Soitec, a specialist in the generation and production of semiconductor materials for the electronics and energy industries, announced Monday that the Ministry of Energy of South Africa had finally approved the change in the funding structure of the 44 MWp solar power plant Soitec installed at Touwsrivier.
Indeed, he has authorized participation in the Government Employee Pension Fund (GEPF) project as a major long-term investor.
Touwsrivier solar power recently passed all the necessary steps to commissioning of its first 22 MW, half of its total capacity. This milestone confirms compliance by the Central contractual obligations and validates the power purchase agreements for all of 44 MW.
“We welcome this new investment will help to meet the considerable needs of our country in alternative energy sources. It will reduce the imbalances currently affecting our electricity sector, while leveraging the investment of our customer GEPF” said Mr Daniel Matjila, Chief Investment Officer of PIC.
In practice, Soitec will be associated to the Public Investment Corporation (PIC), representing the GEPF through a structure of equity financing. At the end of the period of detention regulated, the GEPF will own 40% of the center, Soitec will retain a minority stake in the long term.
Touwsrivier solar power by this operation, takes a decidedly national in scope. Soitec will remain the only foreign investor by providing solar equipment and its minority stake.
Touwsrivier central key dates
– November 5, 2012 – Signing of the Agreement on the purchase of energy
– April 30, 2013 – Bond issue a total of 1.0 billion ZAR
– March 19, 2014 – Entry into service with a capacity of 22 MW
– April 19, 2014 – Final validation of an equity financing of 40% of the center by GEPF.
– Complete Commissioning of the solar power plant planned for the second quarter of fiscal 2015